Thomas H. Lee Partners, L.P. (THL), a Boston-based private equity firm, and French-owned Sword Group have signed a definitive agreement under which THL will acquire Sword Insurance (Boston), a global provider of software and services to the property and casualty insurance industry, from Sword Group. The transaction is expected to close next month, subject to regulatory approvals. Additional terms of the transaction were not disclosed.
"We are excited to partner with THL, a firm with a proven track record in both insurance and technology and deep experience in helping companies accelerate growth through providing exceptional service," said Steve Hauck, Co-CEO of Sword Insurance, in a press release. "THL will support us in realizing our vision to support a greater portion of our customers' complex technology needs as we strive to become a top-five global technology vendor."
Added Charles A. Brizius, Managing Director at Thomas H. Lee Partners, "Sword Insurance's leading products, AgencyPortal and Open+, are best-in-class products and integral components of an insurance carrier's technology solution. We believe that there is an enormous market opportunity available through continued investment in customer service and expanded product solutions to meet insurance carriers' evolving technology needs."
Thomas H. Lee Partners invests in growth-oriented global businesses, headquartered principally in North America, within three broad sectors: Business and Financial Services, Consumer and Healthcare, and Media and Information Services. Since its founding in 1974, THL has invested in more than 100 portfolio companies and has completed more than 200 add-on acquisitions, representing a combined value of more than $150 billion. Notable transactions sponsored by THL include Experian, Fidelity National Information Services, and West Corporation.
Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio