August 16, 2006 by Canadian Underwriter
ISO, a provider of risk management products, has acquired the assets of Xactware, Inc., a provider of estimation software and services for the property insurance, remodeling and restoration industries.
Terms of the deal were not disclosed.
ISO is a privately held company with more than 230 employees. It will continue to operate as a stand-alone entity from its current headquarters in Orem, Utah. Its customer base includes property insurers, contractors and service providers throughout the United States and Canada.
Xactware offers data management and software solutions for every phase of a building’s life from determining the replacement cost of a home for underwriting purposes, as well as sending and receiving real-time insurance claims estimates, to remodeling and replacing buildings.
Founded in 1986, Xactware’s customers now include 16 of the top 20 property insurers and approximately 80% of insurance repair contractors and service providers.
Xactware’s products were used extensively during the record-breaking hurricane seasons of 2004 and 2005.
“Xactware enhances ISO’s ability to deliver more comprehensive products and services to our property insurance claims customers,” said Frank J. Coyne, ISO chairman, president and CEO. “Xactware has a very attractive combination of market-leading products and services, proprietary databases, a solid customer base and a superb management team.”
Xactware’s president and CEO Jim Loveland said his company was “extremely pleased to be joining the ISO family of companies.”
In a press release, Loveland said “ISO’s strong position in the property/casualty insurance market gives us opportunities to bring our market-leading solutions to a broader segment of the insurance market, especially to mid-tier and smaller insurers.”