NEW YORK, Sept. 14, 2020 /PRNewswire/ -- NexPhase Capital, LP ("NexPhase" or the "Firm"), an operationally focused private equity firm and sub-advisor to the Moelis Capital Partners ("MCP") Opportunity Funds, today announced that it has entered into a definitive agreement to sell Insurance Technologies, LLC ("Insurance Technologies" or "InsTech" or the "Company"), a provider of sales and regulatory automation solutions for the insurance and financial services industries, to Thomas H. Lee Partners ("THL").
Founded in 1995 and headquartered in Colorado Springs, CO, Insurance Technologies has helped transform the insurance and financial services industries through its innovative sales and regulatory sales automation solutions, which have helped financial professionals and advisors better serve their customers. The Company's carriers and distributors benefit from InsTech's technological innovation, speed to market delivery, and excellent customer service. The unique architecture and flexibility of InsTech's sales solutions deliver front and back-office configurability and usability to support multiple business strategies, encourage cross-channel growth, and evolve with regulatory changes.
Through investments in people, processes, and products, NexPhase has worked closely with InsTech's management team to drive dynamic advancement of a truly digital sales lifecycle solution within a single platform. NexPhase has also supported the Company's efforts to further expand both the FireLight® and ForeSight® solutions, which have provided and continue to provide value to InsTech's clients and the insurance and financial services industries. Since partnering with the NexPhase team in 2014, the Company has experienced significant growth by expanding its carrier and distributor client bases.
"In NexPhase, we found a partner who not only recognized the enormous potential of our company, but also brought the strategic, operational, and industry expertise needed to elevate our position as a partner the financial services and insurance industries can count on," said David Fenimore, Chief Executive Officer of Insurance Technologies. "NexPhase's insight and guidance has been instrumental in the results we have delivered to our clients and our ability to meet increased demand in recent months as more clients recognize how impactful our solutions can be in driving the efficiency of remote work. We look forward to building on this momentum as we partner with THL to capitalize on the many opportunities ahead."
"With an unwavering focus towards continuous improvement and an ongoing commitment to delivering high-quality products and service, the InsTech team has established itself as a leading provider of digital sales solutions in the insurance and financial services industries," said Joel Killion, a Partner at NexPhase. "We are proud of what we have accomplished together over the course of our partnership and are confident that the Company is well positioned for continued success."
"We saw an opportunity to propel a strong team and impressive company forward as they help modernize the antiquated systems across the insurance industry," added Bob Gartland, a Principal at NexPhase. "Throughout our partnership, InsTech has further enhanced its commitment to its core business performance across development, implementation services, and relationship management to successfully support its clients' strategic initiatives and progress in digitization. We are very happy with this transaction and believe it represents a terrific outcome for Insurance Technologies, THL and NexPhase."
Terms of the transaction were not disclosed. The transaction is subject to the completion of customary closing conditions and any regulatory approvals.
The NexPhase team has significant experience investing in software and services companies. Current and previous investments include, among others, KnowFully Learning Group, DealerOn, Brandt Information Services, OmniSYS, FAST, Inside Real Estate, SwipeClock, and Mxi Technologies.
William Blair & Company is acting as exclusive financial advisor to NexPhase and the Company on this transaction, and Lowenstein Sandler LLP is acting as legal advisor.
About NexPhase Capital
NexPhase Capital, LP is a thematic and operationally-focused private equity firm that invests in lower middle market growth-oriented companies within three distinct sectors: consumer, healthcare, and software & services. The firm partners with companies that have reached a growth inflection point and are seeking a value-added partner to help navigate the company's "next phase." The NexPhase team has extensive industry and operational experience and NexPhase's partners have invested together for nearly a decade. The firm has completed nearly 60 investments including add-ons and targets control equity investments between $25 million and $75 million. For more information, please visit www.NexPhase.com.
About Moelis Capital Partners
Moelis Capital Partners LLC, a subsidiary of Moelis Asset Management LP, is a middle market private equity firm founded in 2007. MCP co-manages approximately $872 million of committed private equity capital with NexPhase Capital. For more information, please visit www.moelisassetmanagement.com.
About Insurance Technologies
Insurance Technologies provides innovative sales and regulatory automation solutions to the insurance and financial services industries. Offering a suite of integrated sales solutions, from pre-sale functions to illustrations and e-application to post-sale services, Insurance Technologies provides carriers and distributors the sales capabilities and tools to create automated and cohesive sales experiences for their advisors and clients across all lines of insurance, retirement and investment products. The unique architecture and flexibility of its solutions deliver front and back-office configurability and usability to support multiple business strategies, encourage cross-channel growth, and evolve with regulatory changes. For more information, please visit www.insurancetechnologies.com.
About Thomas H. Lee Partners, L.P.
Thomas H. Lee Partners, L.P. ("THL") is a premier private equity firm investing in middle market growth companies, headquartered primarily in North America, exclusively in four sectors: Consumer, Financial Services, Healthcare and Technology & Business Solutions. We couple our deep sector expertise with dedicated internal operating resources to transform and build great companies of lasting value in partnership with management. Since 1974, we have raised more than $25 billion of equity capital, invested in over 150 companies and completed more than 400 add-on acquisitions representing an aggregate enterprise value at acquisition of over $200 billion. With dedicated sector and operating teams, THL brings deep domain expertise and resources to build great companies by helping to accelerate growth, improve operations and drive long-term sustainable value in partnership with management. For more information on THL, please visit THL.com.
Jonathan Keehner / Kate Thompson / Julia Sottosanti
Joele Frank, Wilkinson Brimmer Katcher
Thomas H. Lee Partners, L.P.
Sard Verbinnen & Co
Robin Weinberg/Devin Broda
SOURCE NexPhase Capital