Article from: https://www.insurancejournal.com/news/national/2021/01/14/597515.htm
Applied Systems to Acquire EZLynx, Comparative Rating, Agency Management Vendor
Insurance technology firm Applied Systems has agreed to acquire EZLynx, an agency management system vendor and pioneer in real-time comparative rating.
Applied said the acquisition is complementary and will expand its portfolio of agency management and rating technologies for agencies of all sizes.
Terms were not disclosed.
“Start-up and fast-growing independent insurance agencies are on the rise, creating a growing segment of the marketplace looking for automation and technology choice,” said Taylor Rhodes, CEO at Applied Systems.
In addition to offering and supporting EZLynx products, Applied said it will integrate EZLynx’s real-time comparative personal lines rating technology with Applied’s portfolio of products, including Applied Epic. This integration will allow agencies to maintain a single view of customers and prospects while eliminating time spent managing multiple data points across disparate systems, according to the announcement.
Nag Rao, CEO and co-founder of EZLynx, said the deal will provide its customers and employees with “access to new innovation and resources, allowing us to grow EZLynx’s capabilities more effectively.”
Texas-based EZLynx was founded in 2003 and released its first real-time rating system the following year and added EZLynx Connect vendor integration capabilities in 2019. It began offering additional agency management products in 2011.
EZLynx is listed as the most used comparative rater for personal lines in the Future One Agency Universe Study by Independent Insurance Agents and Brokers of America. According to its web site, more than 20,000 agents use it.
This acquisition comes a little more than a year after Applied Systems acquired digital insurance technology startup Indio Technologies. That move enabled Applied Systems to offer Indio’s digitized commercial insurance application and renewal process integrate Indio into its popular agency management system Epic.
Private equity firm Hellman & Friedman has been Applied’s majority shareholder since 2014, alongside minority shareholders Stone Point Capital, JMI Equity, and CapitalG. Nomura Securities has provided financing to support the acquisition.