Zywave breaks in two

Zywave splits in two, with insurance unit going to a new private-equity owner as financial advisory unit changes name to Advicent.
NOV 06, 2013
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.”

Latest News

Bluespring Wealth builds $1B team with Family Wealth Counseling deal
Bluespring Wealth builds $1B team with Family Wealth Counseling deal

The Kestra-owned RIA acquirer merges the planning firm into KDI Wealth Management, creating a majority woman-led advisor team

Gen X and millennials are rethinking retirement as pensions disappear
Gen X and millennials are rethinking retirement as pensions disappear

Eight in 10 pre-retirees say the US retirement system wasn't built for them and most still haven't planned how to make their money last.

Cerulli: Advisors struggle to turn 401(k) savers into wealth clients
Cerulli: Advisors struggle to turn 401(k) savers into wealth clients

Just over 10% of advisors' wealth clients come from defined contribution plans, as capacity, data and technology gaps block the bridge to wealth

Alto to buy Forge Trust from Schwab in self-directed IRA push
Alto to buy Forge Trust from Schwab in self-directed IRA push

Deal creates a $20B-plus custody platform for private market investing in IRAs, months after Schwab closed its Forge Global purchase

Wall Street bonanza! The Street on track to hit a record $90 billion in profits: Report
Wall Street bonanza! The Street on track to hit a record $90 billion in profits: Report

Despite the good times, advisors should tread carefully, said one veteran industry executive.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor