All business operations and software products of troubled ZeBU, Inc. (San Francisco), have been acquired by Integrated Insurance Technologies Corp. (IIT, San Francisco), a company created for the purpose launched in November.
The majority of capital behind the acquisition came from SelectQuote (San Francisco), which had originally spawned ZeBU, according to John Hartley, IIT's president. IIT was conceived as a way to "let the industry have a new solution that wasn't burdened with all ZeBU's debt," he says.
For the first 60 days of IIT's existence, its executive team will "lay out a business plan to look at product strategies, positioning and pricing, determine what the industry really needs and then put together a comprehensive approach to revising ZeBU products and rolling them out," Hartley says.
IIT's opportunity lies in easing integration with the industry's legacy systems, Hartley asserts. "If you can facilitate the communication and transformation of that data by going to an XML Life format, then you get more data and a better exchange of information without all the gyrations they go through today," he adds.
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio