GTCR Announces Sale of itel

Transaction Follows Successful Transformation of Leading Insurance Data and Analytics Provider

CHICAGO, May 20, 2025 /PRNewswire/ -- GTCR, a leading private equity firm, announced that it has signed a definitive agreement to sell ITEL Laboratories, Inc. ("itel" or "the Company"), a leading provider of data and analytics to the P&C insurance industry, to Nearmap, a portfolio company of Thoma Bravo.

Headquartered in Jacksonville, Florida, itel is a leading data and analytics company that offers real-time material pricing and repair-versus-replace analyses to support insurance carriers and homeowners in the property claims settlement process. itel uses its proprietary data repository to deliver real-time, localized and accurate data insights to support over two million insurance claims annually. itel is a recognized industry standard used by all the top 100 carriers in North America.

GTCR partnered with CEO Brian Matthews and the itel management team to execute a transformational growth strategy focused on product innovation, technology enhancement and go-to-market acceleration. Under Mr. Matthews' leadership, itel successfully launched multiple next-generation data and analytics products while also building a robust development pipeline of new innovative solutions. The Company also invested significantly in its technology platform, streamlined operations and consolidated its go-to-market function under the itel brand. These initiatives nearly doubled the Company's revenue in three years and unlocked new future growth opportunities.

"We are proud of the transformation that we accomplished at itel working in partnership with Brian and the rest of the management team. itel delivers exceptional value to the property claims ecosystem and the initiatives Brian executed in recent years have set it on an accelerated growth trajectory," said Aaron Cohen, Managing Director and Head of Financial Services & Technology at GTCR. "We want to thank Brian and the entire itel team for their partnership and wish them continued success."

"We enjoyed working with Brian and team to strategically enhance itel's value proposition and position the Company for accelerated growth," added Dave Donnini, Managing Director and Head of Business Consumer Services at GTCR. "Our investment in itel is a perfect example of what we do best at GTCR – partnering with dynamic leaders like Brian to drive transformational growth at exceptional companies. The Company has an exciting future ahead and we look forward to following the itel story."

"GTCR has been a great partner to us as we have built itel into a leading data and analytics company in the property claims ecosystem," said itel CEO Brian Matthews. "The strategic investments we made with GTCR position itel for a bright future as we continue to develop innovative solutions for our valued customers."

The transaction is expected to close in the second quarter of 2025.

Raymond James and Bank of America acted as financial advisors and Latham & Watkins acted as legal counsel to itel.

About GTCR
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $30 billion in over 280 companies, and the firm currently manages more than $45 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach.

About itel
itel is a leading insurance technology company that leverages its proprietary database to provide critical cost containment solutions to the P&C insurance industry. Through its widely deployed mobile technology platform and API integrations, itel delivers timely assessments of damaged flooring, roofing, siding, and cabinetry. In addition, itel provides temporary housing assistance for policyholders who have lost the use of their homes. itel's software solutions and comprehensive database provide insurance companies with an objective assessment of the costs to remediate insured losses. Founded in 1993, itel serves all of the top 100 insurance carriers in North America.

GTCR Media Contact:
Josh Clarkson / Ryan Smith
212-279-3115
[email protected]

SOURCE GTCR