Insurance technology provider Applied Systems has agreed to purchase the property & casualty (P&C) business of IVANS, a technology company that allows data exchange and integration between insurance carriers and agencies.
Integration of both the conglomerates will enable them to provide latest technologies and workflow efficiency enhancements as well as improve carrier-agency integration for the benefit of the entire P&C insurance industry.
Under the definitive agreement, the transaction is likely to complete during the first half of 2013, pending customary conditions as well as regulatory approvals.
Commenting on the deal, Applied Systems CEO Reid French said that the acquisition will drive additional workflow efficiencies for the benefit of our customers, partners and the P&C industry as a whole.
Following the completion of transaction, the acquired entity will operate as a separate business division of Applied Systems under the supervision of Jim Ochiltree, president of IVANS P&C, and the entire existing senior management team.
Further, the acquirer is planning to preserve and invest in IVANS P&C's open platform and integration with all carriers and agency management systems in the marketplace.
Meanwhile, ABILITY Network, a healthcare technology company, is acquiring the IVANS healthcare and retail businesses.
