JERSEY CITY, N.J., Aug. 10, 2006 — ISO has acquired the assets of Xactware, Inc., the leading provider of estimation software and services for the property insurance, remodeling and restoration industries. Terms were not disclosed.
The privately held company and its more than 230 employees will continue operating at its current headquarters in Orem, Utah, as a stand-alone entity, serving its extensive customer base of property insurers, contractors and service providers throughout the United States and Canada.
Founded in 1986, Xactware’s customers now include 16 of the top 20 property insurers and approximately 80 percent of insurance repair contractors and service providers. During the record-breaking hurricane seasons of 2004 and 2005, Xactware’s products were used to settle more claims than all its competitors combined.
“Xactware enhances ISO’s ability to deliver more comprehensive products and services to our property insurance claims customers,” said Frank J. Coyne, ISO chairman, president and chief executive officer.
“Xactware has a very attractive combination of market-leading products and services, proprietary databases, a solid customer base and a superb management team,” said Coyne.
“We are extremely pleased to be joining the ISO family of companies,” said Jim Loveland, Xactware’s president and chief executive officer. “This combination provides us an excellent opportunity to develop new and enhanced products for our customers, expand our customer base and establish new markets,” Loveland said.
“ISO’s strong position in the property/casualty insurance market gives us opportunities to bring our market-leading solutions to a broader segment of the insurance market, especially to mid-tier and smaller insurers,” said Loveland. “We remain strongly committed to the high levels of product innovation, customer service and employee development we have demonstrated over the past 20 years and believe that, together with ISO, we will be in an even stronger position to continue these traditions into the future.”
Xactware offers data management and software solutions for every phase of a building’s life: from determining the replacement cost of a home for underwriting purposes to sending and receiving real-time insurance claims estimates to remodeling and replacing buildings. These solutions allow customers the unparalleled ability to track and analyze their performance in real time and benchmark their results against the industry.
Founded in 1986, Xactware (www.xactware.com) is a technology services company specializing in the property insurance and restoration industries. Xactware’s technology tools include software estimating solutions as well as powerful systems for replacement cost calculations, estimate tracking and real-time data trending.
ISO is a leading provider of products and services that help measure, manage and reduce risk. ISO provides data, analytics and decision-support solutions to professionals in many fields, including insurance, finance, real estate, health services, government and human resources. Clients use ISO’s databases and services to classify and evaluate a variety of risks and detect potential fraud. In the United States and around the world, ISO’s services help customers protect people, property and financial assets. For more information, visit www.verisk.com/iso.