Lowenstein Sandler is advising NexPhase Capital LP on its agreement to sell Insurance Technologies LLC, which provides sales and regulatory automation solutions for the insurance and financial services industries, to Thomas H. Lee Partners.
Lowenstein also advised Insurance Technologies, while Kirkland & Ellis advised Thomas H. Lee Partners, on the deal. Terms were not disclosed.
Colorado Springs, Colo.-based Insurance Technologies, founded in 1995, said that since its 2014 acquisition by NexPhase, it’s experienced significant growth by expanding its carrier and distributor client bases.
Insurance Technologies CEO David Fenimore, who with other senior management team members will continue to lead the company, said in a statement that he expects THL’s insurance experience and track record of investing in growth financial technology businesses to be invaluable.
“We believe this partnership with THL will allow us to continue our aggressive investment in technological innovation, speed to market delivery, and building a SaaS cloud-based product suite, enabling us to achieve our strategic plan,” Fenimore said.