Combined company positioned to deliver technology innovation and workflow efficiency enhancements to the P&C insurance industry
University Park, Ill. (Mar. 7, 2013) – Applied Systems, Inc., a leading provider of software that powers the business of insurance, today announced it has entered into a definitive agreement to acquire the Property & Casualty (P&C) business of IVANS, a leading provider of technology solutions that enable data exchange and integration between insurance carriers and agencies.
The transaction will combine two complementary technology providers and longtime trusted partners of the P&C insurance industry. The combined company will be better positioned to deliver technical innovation, develop product enhancements and improve carrier-agency integration for the benefit of the entire P&C insurance industry.
“Applied Systems has a longstanding partnership with IVANS and was the first technology provider to assist in the development of IVANS’ open platform solutions utilized throughout the P&C insurance industry today,” said Reid French, CEO of Applied Systems. “All of us at Applied Systems are excited about the product innovation and growth opportunities that will be created by combining the businesses. We are committed to investing in the IVANS P&C solutions to drive additional workflow efficiencies for the benefit of our customers, partners and the P&C industry as a whole.”
Following the closing of the transaction, the IVANS P&C business will operate as a separate business division of Applied Systems led by Jim Ochiltree, president of IVANS P&C, and the entire existing senior management team. The acquisition will return IVANS to its original founding of being solely focused on and addressing the technology needs of the P&C insurance industry. Applied Systems plans to maintain and invest in IVANS P&C’s open platform and integration with all carriers and agency management systems in the marketplace today.
“Applied Systems has been a supportive and key technology partner to us throughout our history. This is an exciting and logical combination that will provide us greater technical expertise and development resources to drive product efficiencies for the benefit of our customers and partners,” said Jim Ochiltree, president of IVANS P&C. “As part of Applied Systems, we will become a stronger organization and can further our mission of supporting the industry through innovation in our data exchange and carrier interface technology solutions.”
The transaction is subject to customary conditions to closing and is expected to be completed in the first half of 2013. Simultaneous with the Applied Systems acquisition of the IVANS P&C business, ABILITY Network, a leading healthcare technology company, will acquire the IVANS Healthcare and Retail businesses.
About Applied Systems
Applied Systems is a leading provider of software that powers the business of insurance. The company is recognized as a pioneer in agency management systems and data exchange between agencies, brokers, carriers and their clients. By automating the insurance lifecycle, Applied Systems software enables millions of people around the world to safeguard and protect what matters most. To learn more, please visit www.appliedsystems.com.
For 30 years IVANS, Inc. has been the largest insurance carrier exchange in the United States that is trusted by more than 350 insurance carrier customers and 30,000 independent agents nationwide. Known for being a forerunner of ACORD standards with numerous ACORD awards and ACE Certified Specialists, IVANS focus on agency-company interface solutions includes AL3 based policy and claims download, and XML real-time quote, issue and service transactions. IVANS, which was founded by 21 insurance companies and is headquartered in Stamford, Conn., also has offices in Tampa, Fla. and Cincinnati, Ohio. For more information, visit www.ivans.com/property-casualty.
SOURCE: Applied Systems