March 7, 2013 by Canadian Underwriter
Insurance software provider Applied Systems has announced an agreement to acquire the property and casualty business of IVANS, a data exchange solution provider based in the United States, for an undisclosed amount.
“Applied Systems has a longstanding partnership with IVANS and was the first technology provider to assist in the development of IVANS’ open platform solutions utilized throughout the P&C insurance industry today,” noted Reid French, CEO of Applied Systems.
“All of us at Applied Systems are excited about the product innovation and growth opportunities that will be created by combining the businesses. We are committed to investing in the IVANS P&C solutions to drive additional workflow efficiencies for the benefit of our customers, partners and the P&C industry as a whole.”
IVANS P&C’s business provides products and services such as agency communication tools, compliance reporting and advisory services.
Following the acquisition closing, the IVANS business will operate as a separate business division of Applied Systems, led by Jim Ochiltree, current president of IVANS P&C, and its existing senior management team.
Applied Systems said it will also maintain and invest in IVANS’ open platform and integration with all carriers and agency management systems in the marketplace.
“Applied Systems has been a supportive and key technology partner to us throughout our history,” Ochiltree said.
“This is an exciting and logical combination that will provide us greater technical expertise and development resources to drive product efficiencies for the benefit of our customers and partners.”
The transaction, subject to customary conditions, is expected to be completed in the first half of the year. Healthcare technology firm ABILITY Network will be merging with IVANS’ healthcare and retail businesses.