Transactions
July 2008
Sircon Acquired By Vertafore
Company Description
Sircon is a Software as a Service (SaaS) leader that solves manual processes within the insurance lifecycle and addresses mission-critical compliance and growth issues confronting the insurance industry and carriers. Sircon’s SaaS solution works to solve insurance compliance and growth challenges in the $60B insurance IT market. Sircon serves a large blue-chip client base including 1,500 carriers, 20,000 brokers / agencies, 250,000 individual producers / agents, and 18 U.S. states. Sircon’s highly attractive, profitable business has a strong recurring revenue model with excellent double digit growth metrics.
Objectives
In order to capitalize on Sircon’s strong growth and differentiated SaaS delivery model, Sircon’s shareholders and board engaged TripleTree to explore a range of strategic alternatives for the business including a sale or recapitalization. As a leader in the IT Insurance space, Sircon received significant interest from traditional and non-traditional buyers across functional domains including data content, financial services, BPO, offshore and HR providers. TripleTree’s objective was to find an investor with strong synergies to drive the best outcome for Sircon.
Results
Ultimately, Sircon was acquired by Vertafore, a global $300M+ provider of software and information solutions designed specifically for the insurance industry. Vertafore, owned by private equity groups Hellman & Friedman and JMI Equity, provides solutions to more than 15,000 independent insurance agencies and 600 carriers and has established strong growth through strategic acquisition.
TripleTree’s insurance IT market expertise and in-depth knowledge of the SaaS delivery model helped drive a premium value for Sircon and its shareholders.
TripleTree’s process built value and strategic interest by outlining a value-add roadmap to demonstrate how Vertafore could leverage Sircon’s unique technology, solution, and presence in the agency and broker markets driving customer adoption.
LEAD INVESTMENT BANKERS
Brian Klemenhagen
Scott Donahue
Company Description
Sircon is a Software as a Service (SaaS) leader that solves manual processes within the insurance lifecycle and addresses mission-critical compliance and growth issues confronting the insurance industry and carriers. Sircon’s SaaS solution works to solve insurance compliance and growth challenges in the $60B insurance IT market. Sircon serves a large blue-chip client base including 1,500 carriers, 20,000 brokers / agencies, 250,000 individual producers / agents, and 18 U.S. states. Sircon’s highly attractive, profitable business has a strong recurring revenue model with excellent double digit growth metrics.
Objectives
In order to capitalize on Sircon’s strong growth and differentiated SaaS delivery model, Sircon’s shareholders and board engaged TripleTree to explore a range of strategic alternatives for the business including a sale or recapitalization. As a leader in the IT Insurance space, Sircon received significant interest from traditional and non-traditional buyers across functional domains including data content, financial services, BPO, offshore and HR providers. TripleTree’s objective was to find an investor with strong synergies to drive the best outcome for Sircon.
Results
Ultimately, Sircon was acquired by Vertafore, a global $300M+ provider of software and information solutions designed specifically for the insurance industry. Vertafore, owned by private equity groups Hellman & Friedman and JMI Equity, provides solutions to more than 15,000 independent insurance agencies and 600 carriers and has established strong growth through strategic acquisition.
TripleTree’s insurance IT market expertise and in-depth knowledge of the SaaS delivery model helped drive a premium value for Sircon and its shareholders.
TripleTree’s process built value and strategic interest by outlining a value-add roadmap to demonstrate how Vertafore could leverage Sircon’s unique technology, solution, and presence in the agency and broker markets driving customer adoption.
LEAD INVESTMENT BANKERS
Brian Klemenhagen
Scott Donahue
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