Applied Systems, Inc., a provider of software that powers the business of insurance, announces it has entered into an agreement to acquire the property & Casualty (P&C) business of IVANS, a provider of technology solutions that enable data exchange and integration between insurance carriers and agencies.
The transaction will combine two complementary technology providers for the P&C insurance industry. The combined company will be positioned to deliver technical innovation, develop product enhancements, and improve carrier-agency integration.
The transaction 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.
“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,” says 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 Ochiltree. “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.”
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