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This morning, Insurance Technologies Corporation (ITC) announced that it has received a majority equity investment from Accel-KKR, a leading technology-focused private equity firm, which will provide resources and capital to accelerate product innovation and allow ITC to expand its leadership position in the insurance industry
Laird Rixford, formerly president, will serve as the company’s CEO, while Scott Upfield, founder of ITC, will remain with the business following the transaction.
“ITC has been around for more than 35 years, and, as we continue to grow, we are looking at further opportunities so that we are able to make a difference in the insurance market,” says Laird. “This new partnership allows ITC to continue to really focus on new technologies and bring forth technologies to agents that allows them to not only survive, but to thrive, in this changing environment.”
“ITC has built a deep competitive position with strong growth, a dedicated customer base, and a history of providing quality technology that helps insurance agents become more productive and effective,” says Joe Savig, principal at Accel-KKR.
“We’re excited about the partnership with Accel-KKR and the opportunity it presents ITC as we look forward to future growth and expansion,” Rixford continued. “By combining ITC’s long-time commitment to the insurance industry, continual innovation, and customer service with the experience and resources of Accel-KKR, we will be able to help our customers, partners, and employees with their continued growth and success, now and into the future.”
