Insurity Announces Investment from TA Associates
Staff Writer | November 07, 2014
Insurity announces that TA Associates, a private equity firm based in Boston with more than 45 years of experience investing in innovative software and technology businesses, has closed a significant investment in the business. Representatives of TA Associates are joining representatives of Genstar Capital, a private equity firm and current investor, on the Board of Directors. Financial terms of the transaction were not disclosed.
“Genstar Capital and TA Associates are aligned with us regarding our business growth direction in the property and casualty market through our portfolio of solutions,” says Jeffrey Glazer, CEO of Insurity. “The investment by TA provides us with further opportunities to expedite the Insurity strategy already being delivered, as well as extend our capabilities on behalf of our current and future customers.”
“With a track record of delivering successful outcomes for its customers, Insurity is precisely the type of profitable, growing business in which TA seeks to invest,” says Harry D. Taylor, a managing director at TA Associates, who will join Insurity’s Board of Directors. “The P&C market continues to expand investment in technology solutions that help enable insurers’ growth through timely delivery of differentiated products. We look forward to working closely with Insurity as they continue providing the solutions that this market needs.”
Kenneth T. Schiciano, a Managing Director at TA Associates, and Jeffrey A. Del Papa, a Principal at TA Associates, also will join Insurity’s Board of Directors.
Together with Genstar Capital, a leading private equity firm based in San Francisco, Insurity has made significant investments in its customers and its solutions. Insurity will leverage the investment by TA Associates to accelerate growth both organically and through acquisitions.
J. Ryan Clark, Managing Director of Genstar, who heads the firm’s financial services practice, adds, “This is a very successful investment for Genstar in large part because of our collaboration with a management team that has flawlessly executed on a number of objectives. We are excited by the opportunity to continue as an investor with Insurity along with TA Associates and are confident in management’s ability to further execute Insurity’s strategy.”
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