Vertafore Inc., a provider of software and services solutions to the insurance industry, has announced the acquisition of Conyers, Ga.-based ImageRight from Advanced Solutions Inc.
Financial terms of the deal, which closed April 5, were not announced. A Vertafore spokesperson could not confirm whether the deal involved stock, cash or both.
ImageRight markets insurance-specific document management and workflow solutions. The ImageRight acquisition adds to Bothell, Wash.-based Vertafore's stable of solution providers that currently includes AMS Services, BenefitPoint and SilverPlume.
Euan Menzies, Vertafore president and CEO, said, “This is a rare business opportunity to add a successful company with excellent customer relationships, outstanding products, and a talented employee and management team to the Vertafore family.”
He added, “While ImageRight will operate as an independent business unit, we are exploring a number of interesting opportunities where we can leverage our collective strengths within the insurance markets.”
The Vertafore spokesperson also noted that there will be no layoffs at either company as a result of the acquisition. ImageRight will continue to operate as an independent subsidiary of Vertafore, and its employees will not be moving to Vertafore's headquarters in Bothell.
The ImageRight document management system was designed specifically for the insurance industry and fully supports all insurance lines, the announcement said. ImageRight allows users to scan, import or fax documents into an integrated repository and then read, annotate, e-mail, fax and print documents as necessary.
ImageRight currently has more than 350 retail agent and carrier customers, including Penn National Insurance Group, Sobieski & Bradley, Professional Governmental Underwriters, Founders Insurance and North Star Mutual Insurance Company, said Vertafore.
“I am very confident that this combination of ImageRight and Vertafore will be beneficial for our customers. We absolutely know that our corporate goals of creating raving fan clients and excited, motivated employees are what built this company. And these goals will not waiver nor will they change,” said Don Elias, co-founder and principal of ImageRight. “We are excited about the next chapter in our future.”
Vertafore provides solutions to facilitate independent agent productivity and carrier/agent connectivity. Its principal operating entities are AMS Services, BenefitPoint and SilverPlume. More information on Vertafore and its operating entities is available at www.vertafore.com.
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