Accel-KKR is set to generate 10x its money on the sale of Insurance Technologies Corporation (ITC) to Clearlake-backed Zywave, a source familiar with the firm told PE Hub.
The transaction closed December 23, the firm announced in the press release.
Accel-KKR first invested in ITC in April 2018 when the firm acquired a majority interest in the company from its founder.
Insurance Technologies, based in Carrollton, Texas, is a leading provider of marketing, rating and management software and services to the insurance industry.
Zywave, based in Milwaukee, Wisconsin, is a market-leading provider of cloud-based insurance distribution software, offering expansive digital solutions to strengthen and grow insurance businesses.
PE Hub first broke the news when Clearlake Capital acquired the company from Aurora Capital Partners in November.
Insurance Technologies is the second add-on to the Zywave platform since Clearlake’s investment. Zywave also acquired Advisen, a leading provider of software and data solutions to the commercial property and casualty insurance market, back in November.
Accel-KKR declined to comment for the story.