Hartford insurance-services software vendor Insurity Inc. says it will be acquired by a Silicon Valley-based private equity firm later this year.
Insurity, which says it provides policy administration, billing, claims and analytics software to over 200 insurers, announced Friday that it’s reached an agreement for a recapitalization transaction with GI Partners LLC, of San Francisco, Calif.
Financial terms were not disclosed.
The acquisition is expected to be completed in the third quarter of 2019, officials said.
GI Partners is acquiring the business from TA Associates, General Atlantic and Genstar Capital.
Insurity, which lists nine office locations across North America and London, says it employs approximately 700 people. The company plans to retain its headquarters in Hartford’s Colt Gateway campus at 170 Huyshope Ave., according to a company spokesman.
Officials said GI Partners intend to grow Insurity’s presence in policy administration software by leveraging its experience acquiring and expanding similar entities.
“We were attracted to the company’s differentiated technology platform, its ability to deliver high levels of customer value, and its track record of operational excellence,” said Travis Pearson, managing director of GI Partners.
