Zywave Inc., a provider of insurance and financial planning software, said Monday that it will sell both its name and its Insurance Solutions Division to Aurora Capital Group, a private-equity firm.
After closing, the insurance division will be known as Zywave Inc.
Zywave's Financial Solutions Division will remain with its current P-E owner but change its name to Advicent Solutions. Zywave's owner, Vista Equity Partners, with offices in Austin, Texas, Chicago and San Francisco, agreed to say goodbye to the firm's name because of its strong brand recognition in the insurance brokerage marketplace.
The new Advicent name was created to reflect the Financial Solutions Division's focus on the financial planning and advisory market, according to Zywave officials.
The transaction is expected to close in the next 30 days. Terms weren't disclosed.
The leadership teams will stay in place at the new Advicent and Zywave, and both company headquarters will remain in Milwaukee.
“We've had a great run with Vista as our partner and investor over the past five years, more than doubling our insurance solutions revenue, customer base and employment,” Zywave chief executive Bill Haack said in a statement. “Aurora has an excellent track record of helping companies like ours to reach their full potential, and I feel fortunate to have them as a partner for our insurance solutions business.”