Versata Enterprises Inc., an Austin, Texas.-based enterprise software company, has acquired Clear Technology Inc., a Westminster, Colo.-based provider of business process automation solutions for the financial services and insurance industries. No financial terms were disclosed. Clear Technologies has raised over $13 million in VC funding since 2004, from firms like Sycamore Ventures, BV-Cornerstone Ventures, Grayhawk Venture Partners and Shoreline Venture Management.
Versata Enterprises, Inc. (Versata), a leading provider of enterprise software solutions announces today the acquisition of Denver-based Clear Technology, Inc. (Clear), a leading provider of business process automation solutions for the financial services, and insurance industries.
“Working with our industry-leading customers, Versata continues to identify and release functionality that will serve the Insurance and Brokerage industry's most critical business and regulatory needs,” said Leela Kaza, general manager of Versata's financial services business unit. “The newest release will have significant bottom line impact for our customers as we automate and streamline processes that have been largely manual in the past.”
Versata, based in
“Joining Versata will enable Clear to leverage the resources of a larger global company similarly focused on delivering business value to customers through robust, agile applications,” said Brian S. Cohen, Clear's CEO. “We expect the acquisition to enable Clear to provide our customers with a broader set of product and services offerings, as well as continue to focus on the significant business benefits of Clear's technology and solutions.”
Randy Jacops, CEO of Versata Enterprises, commented, “We are excited to welcome Clear Technology to the Versata family and promise to bring Versata's renowned customer success focus to Clear's customers. Versata's global scale will enable us to continue and advance Clear's products to benefit both Clear and existing Versata customers. We embrace Clear's focus on reducing cost and improving business efficiency and look forward to continued innovation to advance our industry-leading solutions for Financial Services customers.”
“The acquisition of Clear Technology extends our proven solution set for the Insurance and Brokerage industries into the claims, policy administration, and underwriting areas of the business,” said Chris Smith, COO of Versata Enterprises. “Our combined solution set will position Versata to offer powerful, modern back office solutions demanded by the world's largest Insurance and Brokerage companies. We believe we have the most efficient and capable global organization in the world, and we leverage that capability to deliver customer success. Versata has a long history of operational efficiency enabling us to deliver the unexpected and we will continue that tradition with Clear.”
Versata will combine Clear's operations with headquarter operations in Austin. Additionally, over the next few weeks, Versata executives expect to meet with Clear's customers to emphasize Versata's commitment to continuity, describe the benefits of the customer success program, and formulate a plan to ensure continued mutual success.
ABOUT CLEAR TECHNOLOGY
Clear Technology provides an innovative suite of software products for insurance companies that deliver dramatic reductions in operating costs by automating and transforming the way employees work. Our clients are achieving breakthrough improvements in consistency, accuracy, and productivity while significantly reducing operating costs. Clear Technology's suite of insurance solutions has enabled some of the world's largest insurance companies to achieve new levels of performance by leveraging – not replacing – existing systems. Clear Technology is based in Westminster, Colorado with sales offices located throughout the U.S. and United Kingdom. Further information is available at http://www.clear-technology.com.
ABOUT VERSATA ENTERPRISES, INC.
With a global presence covering 45 countries, Versata Enterprises solves the most complex business problems for the world's largest organizations. Versata Enterprises comprises a number of leading enterprise solution providers, including Versata, Inc., Artemis International Solutions Corporation, Nextance, Inc., and Gensym Corporation. Versata distinguishes itself in the software industry by focusing on customer priorities as driven by value delivered. Versata's market-leading Customer Success Program ensures customer involvement in product decisions and business priorities and provides a twice-yearly opportunity for customers to score Versata's performance against commitments. Versata's world-class engineering capability ensures substantive and valuable product releases, thereby ensuring customer success. Versata also offers customers the opportunity to leverage Versata's global efficiency by offering a menu of services to help customers lower the cost of technology services across the enterprise. Versata's relentless focus on customer priorities, coupled with an unmatched global engineering capability, provides Versata customers continuous innovation and repeatable value propositions. Further information is available at http://www.versata.com.