Software provider Applied Systems Inc. has bought a Cincinnati-based technology company.
University Park-based Applied Systems plans to combine NxTech Inc. into its IVANS Insurance Solutions unit, which connects property and casualty insurance companies and independent agencies.
“The ability for insurance carriers to exchange information more efficiently with independent agencies and brokerages through advanced download and real-time technology is critical in today’s connected insurance marketplace,” said Reid French, chief executive officer of Applied Systems.
NxTech, founded in 2004, will maintain its office in Cincinnati. Co-founders Bill Tedrick and Thad Bauer will take leadership positions within IVANS, Applied Systems said Wednesday in announcing the deal. Financial terms weren’t disclosed.
“Applied Systems, IVANS and NxTech share a common mission of improving data exchange for all stakeholders across the insurance industry,” NxTech CEO Bill Tedrick said. “By joining IVANS, we gain momentum and are better positioned to achieve our mission with deeper and complementary technologies and expertise.”
Applied Systems acquired IVANS two years ago. IVANS serves more than 250 insurance carriers and 25,000 agencies in personal and commercial lines.
Applied Systems provides management systems and data exchange between agencies, brokers, carriers and their clients. The company’s products are used by 12,000 agencies and brokerages and 350 insurance carriers worldwide.
