WorldGroup Combines With Taliant to Become InsureWorx

WorldGroup (San Francisco, Calif.) has closed the acquisition of Taliant Software (Denver, Colo.) combining the two insurance software solutions providers and sealing the bond with a new company name, InsureWorx, Inc. (Emeryville, Calif.).

The core InsureWorx product will include both vendors' product offerings under the name of Taliant's workers' compensation solution suite PowerComp. The combined client base translates to over 25 percent of the worker's compensation insurance in the U.S. market. "Two $20 million companies are combining to form one $40 million company with stronger focus and resources," according to Gary Sherne, President and CEO of InsureWorx and former president of WorldGroup.

"Insurance customers are looking for long-term stability in terms of a software provider that that will help them modernize old legacy core systems and have confidence that the provider will have a depth of personnel and financial resources," relates Sherne. The new vendor plans to offer existing customers more options and to bring products to market with greater speed.

"Bringing together the effort and expertise of both companies will begin a big push of J2EE technology, which has been immature," says Ron Lang, director of insurance solutions, InsureWorx. "The insurance market has been waiting for these products and now we can get these mature offerings out much faster."

All of the executives will be staying at their former positions with the exception of Neil Baker, Taliant's CEO, who has joined the InsureWorx board of directors, and Gary Sherne, who will continue as president and CEO of the combined company. "There were almost no redundancies with the two companies except in programmatic areas, such as - we don't need separate booths in trade shows anymore," Sherne comments.