Software-focused private equity major Thoma Bravo is closing in on a deal to acquire Itel, a GTCR-backed insurance technology provider specialising in property and casualty claims, in a transaction that could value the company at approximately $1.3bn including debt, according to a report by Bloomberg.
The report cites unnamed sources familiar with the matter as highlighting that the deal would mark another significant step in Thoma Bravo’s strategic push into insurance software, and is expected to be announced as early as this week, pending final negotiations.
Post-deal, Itel is expected to be merged with Nearmap, an aerial imagery analytics firm already in Thoma Bravo’s portfolio, the sources added. The combination would create a business with a combined enterprise value of roughly $8bn, forming a scaled player at the intersection of geospatial data and insurance claims processing.
Neither Thoma Bravo, GTCR, nor Itel provided comment on the potential transaction.
Itel – previously known as Global Claims Services – provides software and analytics to support loss assessment and damage validation across the insurance claims lifecycle. The firm was acquired by GTCR in 2021, reportedly for around $500m, and has since grown into a key player in the insurtech claims space.
The San Francisco-based Thoma Bravo has been increasingly active in the insurance technology sector. In 2020, it took Majesco, a cloud-based insurance core systems provider, private in a notable fintech transaction.
