Insurtech provider Zywave has acquired Modgic, an Oregon-based provider of workers’ compensation and mod analysis software for the commercial insurance industry.
“The acquisition of Modgic is an exciting step as Zywave continues to consolidate the insurtech marketplace and expands its footprint, both in the US and internationally,” said Jason Liu, CEO of Zywave. “By combining the best aspects of the two solutions together, we look forward to bringing a superior product to our shared customers.”
Zywave plans to incorporate Modgic’s reporting and analysis features into its Analytics Cloud and existing mod analysis tool, ModMaster.
“We are thrilled about the opportunity to work with a successful, established player in the industry to further enhance our solutions and bring a truly unsurpassed, robust offering to the marketplace,” said Modgic CEO Scott Knowles.
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The Modgic deal marks Zywave’s sixth acquisition in less than two years. In April, Zywave acquired Enquiron, a provider of risk management and consultative business solutions. In November, Zywave announced the acquisition of Advisen, a provider of data, media and technology solutions for the commercial property and casualty market, and ITC, a provider of marketing, rating, and management software and services for the insurance industry.
“Zywave continues to invest in growth – both in our product portfolio and in our service and support team – to help ensure our customers have the best technology available, are using it to their full potential, and feel empowered with the tools they need to grow their business,” Liu said.