Zywave Acquisition & Valuation

Zywave was acquired by Clearlake Capital for $900M in September 2020.

Zywave acquisition price

$900M

Acquired by Clearlake Capital · Sep 2020

Key investors in Zywave

  • Aurora Capital Partners

Zywave Overview

About Zywave

Zywave is a Milwaukee-headquartered insurtech firm delivering cloud platforms for sales, content management, analytics, and client servicing in the insurance sector. Core products include broker management systems integrated with AMS360, employee wellness portals, and risk compliance libraries. Agencies, carriers, and brokerages across North America and Europe deploy Zywave tools for health benefits administration and safety training. The company maintains content hubs covering property casualty lines and group benefits, supporting regulatory updates from state departments.


Founded

1995

HQ

United StatesMilwaukee, WI

Website

zywave.com

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Valuation

$900M (acquired Sep 2020)

Zywave Acquisition

Zywave was acquired by Clearlake Capital for $900M on 17 September 2020.

Zywave acquisition details
AcquirerDateTypePrice
  • Clearlake Capital
17 Sep 2020PE buyout$900M

Sources: prnewswire.com

Zywave Funding History

Zywave has 1 recorded secondary share sale and no primary funding rounds.

Zywave funding rounds
DateStageInvestorsDeal Summary
Nov 2013SecondaryAurora Capital PartnersZywave announced the sale of its Insurance Solutions business to Aurora Capital Group on November 4, 2013, providing an exit for Vista Equity Partners from that part of the company. The acquired business supplied content, communications tools, agency automation and analytical software to employee benefits and property and casualty insurance distributors. It would continue operating under the Zywave name after the transaction. Vista retained the separate financial planning software operation, which was subsequently renamed Advicent Solutions, so the sale did not represent a disposal of all activities then conducted under the Zywave corporate umbrella. Financial Technology Partners advised Zywave and Vista and described Vista as the company’s controlling shareholder. The parties expected the transaction to close within approximately thirty days and did not disclose financial terms. Aurora intended to support further development of the insurance technology platform, while Vista’s retained financial planning investment continued on its own path.

Who has invested in Zywave?

1 investor has backed Zywave across its funding rounds, including Aurora Capital Partners.


Zywave Investors

Investors in Zywave by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by Zywave

Zywave has acquired 14 companies to date.

Last acquisition by Zywave was on June 9th 2022. Zywave acquired Strategic Insurance Software for undisclosed valuation.


Latest Acquisitions by Zywave

Strategic Insurance Software
ClarionDoor
IBQ Systems
Modgic
Description
Strategic Insurance Software is a web-based agency management platform for independent insurance brokers. It integrates sales automation, digital client portals, marketing tools, and carrier connections. The system supports policy quoting, renewals, and compliance tracking with API partnerships. United States-based, Strategic Insurance Software streamlines operations for property-casualty agencies through secure cloud architecture.
ClarionDoor is a SaaS provider of insurance rating and quoting engines supporting personal, commercial, and life lines. Its cloud platform integrates with agency management systems via APIs and adheres to ACORD standards. Headquartered in Coral Springs, Florida, the company serves independent agencies, carriers, and MGAs with configurable rules engines and multi-carrier comparisons. ClarionDoor processes quotes in under five seconds across 50 states.
IBQ Systems is a developer of insurance agency management software built on a transactional platform. The system fetches carrier files, enables policy management by agents and policyholders, processes endorsements, and returns updates to carriers. It delivers real-time rating from carrier systems for precise quoting, serving independent agencies throughout the United States.
Modgic is a software provider delivering workers' compensation and mod analysis tools for commercial insurers. The platform automates experience modification calculations, risk assessments, and premium audits using data from payroll and claims sources. Modgic serves P&C carriers and agencies from modgic.com, enhancing accuracy in underwriting decisions.
HQ CountryUnited StatesUnited StatesUnited StatesUnited States
HQ City
Columbus, OH
Santa Barbara, CA
Spokane, WA
Bend, OR
Deal Date9 Jun 202230 Nov 202130 Jun 202113 May 2021
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Zywave Competitors

Zywave competitors include listed companies like HealthStream and Lunit, and private ones like AgentSync, Axtria, Helian Health and Heidi Health.

Public and private companies comparable to Zywave
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
AgentSyncUnited StatesDenver, COPrivate$11M-$1.2B-
AxtriaUnited StatesBerkeley Heights, NJPrivate--$900M-
Helian HealthChinaHangzhouPrivate--$900M-
Heidi HealthAustraliaSydneyPrivate$50M-$901M18.0x
HealthStreamUnited StatesUnited StatesPublicly listed$304M$63M$884M2.4x
LunitSouth KoreaSouth KoreaPublicly listed$61M($9M)$850M12.4x

Zywave Public Comps

Zywave is no longer listed, but its public comps include Sukoon Insurance, HealthStream, Lunit, B-Soft Co., Hangzhou Pinming Software, iFLYHealth, Phreesia, MedicalSystem Technology, PHC Holdings and RaySearch Labs.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Sukoon Insurance$889M$125M1.0x-7.1x-
HealthStream$304M$63M2.6x2.4x12.3x10.2x
Lunit$61M($9M)13.0x12.4x(91.1x)(15.4x)
B-Soft Co.$158M($37M)5.0x5.1x(20.9x)(21.0x)
Hangzhou Pinming Software$66M$8M11.4x10.9x91.4x-
iFLYHealth$137M($7M)7.5x5.9x(147.8x)507.9x
Phreesia$481M$27M1.6x1.5x28.5x6.4x
MedicalSystem Technology$45M$12M22.4x17.8x83.7x69.5x

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Common questions about Zywave

When was Zywave founded?Zywave was founded in 1995.
Where is Zywave headquartered?Zywave is headquartered in Milwaukee, WI, United States.
Is Zywave publicly listed?No, Zywave was acquired by Clearlake Capital in September 2020.
Who acquired Zywave?Zywave was acquired by Clearlake Capital in September 2020.
How much was Zywave acquired for?Zywave was acquired for $900M in September 2020.
Who are Zywave's investors?Zywave's investors include Aurora Capital Partners.
Which companies are comparable to Zywave?Companies comparable to Zywave include AgentSync, Axtria, Helian Health, Heidi Health, HealthStream and Lunit.
How many companies has Zywave acquired?Zywave has acquired 14 companies, including Strategic Insurance Software, ClarionDoor, IBQ Systems, Modgic and Enquiron.

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