IT acquisition targets insurance industry
A local IT firm with a focus on the insurance industry has acquired a California IT firm.
Grand Rapids-based SuretyWave closed its acquisition of InSure Vision Technologies last month. Terms of the deal were not disclosed.
With its acquisition of IVT, SuretyWave plans to integrate its digital platform with IVT’s web-based surety bond processing system, SurePath Network. To ease the transition and ensure the integration is successful, IVT cofounders Pam Stocks and Beverly Hall will serve as advisors.
“This integration and synergy puts us in a unique position to deliver a quality assured and completely virtual 24-7 surety bond lifecycle processing to assist in lowering the internal operating cost of our customers who may be supporting older and more complex technology environments,” SuretyWave President Patrick McGinty said.
Stocks said after an extensive due diligence period, IVT determined that SuretyWave “is the right partner” to build on the SurePath Network in the future.
“The acquisition provides us with a unique and significant opportunity to see the SurePath Network evolve and grow in new and innovative directions, and to further support our customers along with all surety stakeholders,” Hall added. “We are also confident that SuretyWave is not just a very capable insurance and technology organization, but will also maintain the objectivity that we have provided to our customers for the past 19 years."