Insurance data analytics and technology firm Verisk said it has an agreement in place to acquire AccuLynx, a software-as-a-service platform designed for residential roofing contractors, for $2.35 billion.
Verisk said in a July 30 announcement that both companies play key roles in insurance claims and restoration, and the combination鈥攈ighly complementary to Verisk’s Property Estimating Solutions鈥攚ill streamline workflow.
During a conference call to discuss earning on the same day, CEO Lee Shavel said AccuLynx is “a natural fit and extension of the network capabilities we provide to insurance carriers and contractors” via its Property Estimating Solutions (Xactware), which helps in claims by managing estimates and tasks and improving the flow of information between carriers and contractors.
Lee said there is a “high-degree of customer overlap and complementary functionality.”
“Most of the company’s 5,000-plus customers perform insurance-driven repairs and restoration, and roofs are one of the largest and most expensive home components, making up more than 25% of all residential claim value,” Lee continued. “We hear frequent requests for enhancements to our roofing materials information and benchmarking reports. We see synergistic cross-sell and upsell opportunities as we can advance the adoption of the AccuLynx platform and its many modules to existing Verisk customers.”
AccuLynx handles lead generation, sales and CRM, virtual measurements, materials ordering, labor sourcing, payment processing, and job management, Verisk said. Most of the AccuLynx’s customers perform insurance-driven roofing repairs and restoration.
Related: Roof Repair and Replacement Costs Up Nearly 30% Since 2022: Verisk
“Roofs are one of the largest and most expensive home components,” said Aaron Brunko, president, Verisk Property Estimating Solutions, in a statement. “This acquisition enables us to further support this growing market, add value to an interconnected ecosystem and better support the active participants in the claims industry who help policyholders when they need it most.”
The cash deal is expected to close by the end of the third quarter.
Topics Claims
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