ANN ARBOR, MI - (July 2008) - EDF Ventures, a venture capital firm with offices in Ann Arbor and Grand Rapids, Michigan, has announced that Sircon Corporation, a Michigan company, has been acquired by Vertafore, Inc., a leading provider of software and services for the insurance industry. Sircon is an EDF portfolio company that provides a comprehensive producer lifecycle platform that helps agents get licensed and appointed more quickly and allows companies to manage compliance and producer information. The company offers this platform as software-as-a-service (SaaS) to deliver immediate and compelling value to insurance carriers, insurance agencies and brokers, producers (agents) and state regulators for licensing, recruiting, contracting, regulatory compliance, education tracking and producer management.
"Since both Sircon and Vertafore are focused on solving business needs across the insurance marketplace, we feel this is an extremely positive move for us and for the industry as a whole," said Bob Nero, president and chief executive officer of Sircon Corporation. "Sircon complements Vertafore's current solutions and its strong presence in the agency and broker markets will drive producer adoption. This will in turn be especially valuable for carriers. I believe that the acquisition will result in significant synergies that will expand the services we can provide to our customers and accelerate Sircon and Vertafore's growth."
EDF was a founding investor in Sircon and has served on the company's board of directors since its inception. EDF's board member, Mary L. Campbell, Managing Director and Founder of EDF Ventures, said "EDF is delighted by the sale of Sircon to Vertafore. The transaction generated an outstanding return for our investors; the synergies between the two companies are exceptional; and Sircon's leadership and outstanding team will continue to operate in Michigan." In addition to funding, EDF assisted Sircon in recruiting Robert Nero, an industry-experienced president and chief executive officer.
About Sircon Corporation
Sircon Corporation provides a comprehensive producer lifecycle platform to grow, manage and optimize producer channels. The company offers this platform as software-as-a-service (SaaS) to deliver immediate and compelling value to insurance carriers, agencies and brokers, education providers, producers (agents) and state regulators for licensing, recruiting, contracting, regulatory compliance, education tracking and producer management. Sircon's solutions provide essential industry services by connecting key stakeholders in the producer lifecycle through the Sircon network. For more information, please visit www.sircon.com or call 877.876.4430.
About Vertafore, Inc.
Vertafore is a leading provider of software and services for the insurance industry, delivering solutions that create a competitive advantage for independent insurance agents, brokers, wholesalers and carriers by increasing their productivity and profitability. Vertafore's principal operating entities are AMS Services, SilverPlume and ImageRight. AMS Services provides agency software and services to more than 15,000 independent insurance agencies and 150,000 users. SilverPlume is the industry's leading aggregator of insurance reference content for risk analysis and underwriting support. ImageRight is a market leader in insurance-specific content management and workflow solutions. For more information on Vertafore and its operating entities, please visit www.vertafore.com.