Insurance technology provider Zywave has acquired Modgic, an Oregon-based provider of workers compensation and modification analysis software for the commercial insurance industry.
Neither side disclosed financial terms.
Zywave, based in Milwaukee, Wisc., said the combination will help strengthen its market offerings. Zywave provides cloud-based sales management, client delivery, content and analytics products and services, and the company has pursued a number of InsurTech acquisitions in recent months.
Modgic, based in Bend, launched in 2013.
“The acquisition of Modgic is an exciting step as Zywave continues to consolidate the InsurTech marketplace and expands its footprint, both in the U.S. and internationally,” Jason Liu, the Zywave CEO, said in prepared remarks.
The Modgic acquisition marks Zywave’s sixth in less than two years, reinforcing the company’s ongoing commitment to the insurance industry.
Among Zywave’s acquisition highlights: Zywave acquired Enquiron in April 2021 – a provider of risk management and consultative business products and services, and the company bought Advisen and ITC, a maker of marketing, rating and managing software, in November 2020.
Source: Zywave