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Sircon is Acquired by Vertafore
July, 2008 | Minneapolis |
TripleTree is pleased to announce that its client, Sircon Corporation, the leading solution provider of regulatory and compliance automation for insurance carriers, agencies, producers and state regulators, has been acquired by Vertafore, Inc., a provider of market-leading software and services to the insurance industry. TripleTree acted as the exclusive financial advisor to Sircon.
"As a leading provider of producer lifecycle management solutions for the insurance industry, Sircon benefits the entire distribution chain by streamlining and expediting the producer license and contracting process, decreasing costs and increasing revenue by allowing producers to begin to sell sooner," said Euan Menzies, president and CEO of Vertafore. "Our acquisition of Sircon will further expand Vertafore's solutions to help companies and individual producers in the insurance industry keep track of requirements needed to sell insurance in all 50 states. Sircon fits perfectly with our mission of improving channel productivity, and we believe Sircon's offering will be valuable for our broker and carrier customers."
Sircon Corporation provides an industry-wide solution to automate demanding licensing and compliance requirements. Serving the producer management needs of both the insurance industry and state government regulators, the company offers a complete suite of integrated, end-to-end insurance compliance products and services. Sircon's solutions provide essential industry services by eliminating paper and automating manual compliance processes for carriers, agencies and brokers, producers (agents) and state regulators.
"Since both Sircon and Vertafore are focused on solving business needs across the insurance marketplace, we feel this is an extremely positive move for us and the industry as a whole," said Bob Nero, president and chief executive officer of Sircon Corporation. "Sircon complements Vertafore's current solutions, and its strong presence in the agency and broker markets will drive producer adoption, which will in turn be especially valuable for carriers. I believe that the acquisition will result in significant synergies that will expand the services we can provide to our customers and accelerate Sircon and Vertafore's growth."
TripleTree, LLC is a research-based investment bank serving growth companies, investors and global acquirers. TripleTree conducts proprietary research that guides our work in M&A, growth capital and financial advisory services. Our value-based approach benefits technology-enabled businesses in sectors where delivery models are converging technology and services, and all sectors where CEO’s and investors are in search of creative ways to disrupt markets and unleash value.
TripleTree’s unique personality is shaped by the experience of our principals who as former business builders and transaction professionals create strategic outcomes that maximize value for our clients. The firm is located in Minneapolis. |
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