Insurance Services Office announced today it has acquired the assets of Xactware, Inc., a provider of estimation software and services for the property insurance, remodeling and restoration industries.
Terms were not disclosed.
The privately held company and its more than 230 employees will continue operating at its current headquarters in Orem, Utah, as a stand-alone entity, serving property insurers, contractors and service providers throughout the United States and Canada, said Jersey City, N.J.-based ISO.
“Xactware enhances ISO's ability to deliver more comprehensive products and services to our property insurance claims customers,” said Frank J. Coyne, ISO chairman, president and chief executive officer.
Mr. Coyne said, “Xactware has a very attractive combination of market-leading products and services, proprietary databases, a solid customer base and a superb management team.”
Xactware, founded in 1986, offers data management and software solutions for every phase of a building's life–from determining the replacement cost of a home for underwriting purposes to sending and receiving real-time insurance claims estimates to remodeling and replacing buildings, said ISO. These solutions allow customers to track and analyze their performance in real time and benchmark their results against the industry.
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