Zywave Inc. on Monday said it has closed the sale of its
insurance solutions division to Los Angeles-based Aurora Capital
Group, a private-equity firm.
Financial terms of the transaction were not disclosed, according
to a company statement.
Bill Haack, founder of Wauwatosa-based Zywave, will become vice
chairman of the company, and Dave O’Brien, the former president
of Zywave’s insurance solutions division, has been named CEO of
“Zywave has long been an industry-leading provider of insurance
solutions for an increasingly diverse network of clients, and
has experienced tremendous growth, both through organic
investment and strategic acquisitions,” O’Brien said. “I’m
excited to work with the Zywave team to continue unlocking the
company’s full potential, and look forward to partnering with
Aurora, which has a long track record of enabling growth for
industry-leading companies like ours.”
Zywave has been majority-owned by San Francisco-based Vista
Equity Partners since January 2008. During that time, Zywave
more than doubled its insurance solutions revenue, customer base
Zywave’s insurance solutions division will retain the Zywave
name, but the company’s financial solutions division will
continue under the ownership of Vista Equity Partners, with a
new name, Advicent Solutions.
Leadership teams for both the insurance solutions division and
Advicent will remain in their respective roles and will keep
company headquarters in Wauwatosa.