Thoma Bravo Agrees to Buy Insurtech Firm Itel From GTCR

Thoma Bravo has agreed to acquire GTCR-backed Itel, an insurance technology firm focused on property and casualty claims services.

The tech-focused buyout firm is purchasing Itel through its portfolio company Nearmap, according to a statement Tuesday that confirmed a Bloomberg News report. Financial details were not disclosed.

The transaction values Itel at about $1.3 billion including debt, people familiar with the matter said, asking not to be identified because the information is confidential. A combination with Nearmap will create a company worth about $8 billion including debt, the people said.

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