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Software provider Applied Systems Inc. on Thursday said it would acquire the property/casualty business of Stamford, Conn.-based Ivans Inc.
Ivans was created in 1983 by a group of 21 insurance companies to create a standardized electronic data interchange technology for insurance companies and independent agents. University Park, Ill.-based Applied Systems said the combined entity will be better positioned to “deliver technical innovation, develop product enhancements and improve carrier-agency integration for the benefit of the entire P&C insurance industry.”
In a statement announcing the transaction, Reid French, CEO of Applied Systems, noted that the two companies have had a longstanding partnership and would continue working together to craft workflow efficiency enhancements for the insurance industry.
“All of us at Applied Systems are excited about the product innovation and growth opportunities that will be created by combining the businesses,” Mr. French said. “We are committed to investing in the Ivans P&C solutions to drive additional workflow efficiencies for the benefit of our customers, partners and the P&C industry as a whole.”
The company said Jim Ochiltree, president of Ivans property/casualty, will stay on in his role, as will the entire existing senior management team, and that the unit will operate as a separate business division of Applied Systems.
“This is an exciting and logical combination that will provide us greater technical expertise and development resources to drive product efficiencies for the benefit of our customers and partners,” Mr. Ochiltree, said in the statement. “As part of Applied Systems, we will become a stronger organization and can further our mission of supporting the industry through innovation in our data exchange and carrier interface technology solutions.”
In a separate deal, Minneapolis-based health care technology company Ability Network Inc. said it would acquire the health care and retail businesses of Ivans.