Accel-KKR is a leading technology-focused investment firm with over $10 billion in capital commitments. The company today announced that it completed the sale of a leading provider of marketing, rating, and management software and services to the insurance industry.Accel-KKR first invested in ITC in April 2018 when the firm acquired a majority interest in the company from its founder. Through subsequent investment in both inorganic as well as organic growth strategies, the transformed itself from a medium level l business with an innovative product into a full-fledged business with significant topline growth as well as operating efficiency.
“The ITC success story is yet another example of our over twenty-year history of working with entrepreneurial management teams of software companies to help them reach their full potential,” said Tom Barnds, Co-Managing Partner of Accel-KKR. “We bring strategic, operational and financial resources to help companies grow faster and achieve market leadership. We are so pleased to have partnered with the ITC team on scaling the company and achieving their vision.”During Accel-KKR’s holding period, ITC made a series of strategic acquisitions to expand its product suite and geographic coverage. In November 2018, ITC acquired AccuAgency to strength its position as a comparative rating solution provider. In August 2019, ITC acquired SmartHarbor to expand its offering in insurance agency marketing solutions. Finally, in January 2020 ITC acquired AgencyMatrix to bolster its agency management software offering.
“Under our ownership, ITC grew revenues by nearly 3x and margins by over 9x,” said Phil Cunningham, Operating Executive at Accel-KKR and Board Member of ITC. “We enabled a smooth founder transition, backed a smart, ambitious management team with capital and strategic assistance and helped them become an award-winning player in their field.” ITC has been named a Top Technology Provider by Insurance Business America for four consecutive years.