Sword Group has announced the acquisition of the full share capital of privately held AgencyPort. Founded in 2000, AgencyPort provides Web-based software and solutions to property/casualty insurance companies to automate distribution.
With a customer base in excess of 50 insurers, AgencyPort brings Sword Group a development and delivery organization with deep domain expertise and an accomplished management team within the insurance technology industry.
Coinciding with the acquisition, Steve Hauck, co-founder of AgencyPort, will lead Sword's insurance division as CEO in the Americas, and AgencyPort co-founder Eric Harnden will take on the global role of CTO for Sword in insurance. They will join a team of executives from Sword to drive the newly combined division consisting of 350 staffers, pro-forma revenues of more than $77 million in 2009, and forecasted revenue of $100 million in 2010.
Sword's insurance proposition will bring a combination of products that span policy administration (Sword Intech) and multichannel CRM (Sword Ciboodle) with AgencyPort's distribution technology (the renamed Sword AgencyPort). Each of these three components will retain its own product development strategy, and additional resources will be allocated to realize product integration.
"The acquisition of AgencyPort is a strategic step for the group and our customers," says Heath Davies, chief executive officer, Sword Group. "We are moving toward our goal of providing an impressive a la carte portfolio of leading software solutions encompassing policy administration, CRM, and distribution technology to the global insurance marketplace. AgencyPort's customer base in the Americas, ACORD-based product suite, and more than 100 professionals trained in insurance IT delivery will be a strong addition to our existing operations and key ingredients as we grow our U.S. and global market footprint."
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