ITC Acquires Multico-Online
Carrollton, Texas – Wednesday, June 03, 2015 – Insurance Technologies Corporation (ITC), a leading provider of marketing, rating and management software and services, announced today it has acquired Multico-Online from Multico Rating Systems Incorporated, the largest comparative rating vendor in the northwestern United States, to expand its insurance rating and sales system TurboRater.
Since 1986 Multico has provided quality, easy-to-use rating products to improve efficiency for more than 200 insurance agencies and more than 60 insurance carriers. The acquisition of Multico’s automobile and home comparative rating system will extend TurboRater’s market share with the addition of the Idaho, Oregon, Utah and Washington state markets.
“Acquiring Multico is part of our overall strategic vision to provide nationwide rating for independent agencies, aggregators and insurance carriers,” said Laird Rixford, president of ITC. “In addition, this acquisition will fuel growth of ITC’s online consumer driven comparative rating platform used for quoting and selling insurance directly to the consumer.”
Through this acquisition Multico-Online users will benefit from TurboRater’s additional feature set that includes motorcycle rating, integrated digital agency marketing, advanced reporting, and bind online, which allows consumers to purchase auto policies directly from an insurance agency website.
“We found a company in ITC who shares our passion for helping agents and the carriers that support them become more productive so they can compete and grow,” said Charles Anderson, CEO of Multico. “We’re excited at the opportunity to give our agents access to the extensive marketing, rating and management products and expertise ITC brings to the industry.”
Effective immediately Multico-Online will be called Multico by ITC. Development and support staff will remain in Seattle and operate as ITC’s West Coast office. Multico’s netPOSitiveTM point-of-sale solution will continue to be managed and operated by Anderson under the business name netPOSitive Corporation.
A web-based comparative rater, TurboRater allows independent agents and brokers to get quotes from multiple insurance carriers fast and accurately through an automated process. This automation allows independent agents and brokers to quote their clients in a timely response to a request. TurboRater reduces the opportunity for errors and inconsistencies and saves agents and brokers time because they only have to enter the data once.
Insurance Technologies Corporation (ITC), founded in 1983, is a leading provider of marketing, rating and management software and services to the insurance industry, including independent agents and insurance carriers. Headquartered in Carrollton, Texas, ITC helps its customers across the United States grow their businesses and become more efficient through the philosophy of providing quality software and services. Currently, ITC serves more than 200 insurance companies and more than 6,000 agencies. For more information, visit ITC online at www.GetITC.com.
Northern Edge served as the exclusive financial advisor to Multico Rating Systems, Inc. in connection with the transaction.
View more deal completions here.