Source: Skywire Software
Skywire Software, a privately-held enterprise software company, announced on Friday the successful completion of its $127 million acquisition of Docucorp International, a leading provider of Customer Communication Management (CCM) solutions.
The companies will merge to create one of the largest software and services providers delivering best-in-class technology to insurance, health care and financial services industries.
The merged company will adopt the Skywire Software name and operate as a privately-held subsidiary of Hall Financial Group, a $2 billion private, diversified financial firm. Patrick Brandt, CEO and founder of Skywire Software, will serve as president and CEO of the new company, and Michael D. Andereck, president and CEO of Docucorp, will serve as Skywire Software's executive chairman of the board.
"Skywire Software will capitalize on both companies' strengths, continuing to bring to market technology that will help companies integrate processes, people and information," said Brandt. "We are fully committed to being the industry leader in customer service, innovation and talent."
The company's business model enables it to more efficiently deliver leading software and services to more than 1,600 customers worldwide, including insurance, health care, financial services and utility companies. Customers include four of the top five banks on the Forbes Global 2000, and more than half of the top 200 insurance companies.
Skywire Software will provide the insurance industry with one of the most comprehensive integrated sets of software and service offerings, including enterprise-wide document automation technology and business applications, such as business intelligence, data movement, rating, rules and underwriting.
"The merger allows the company to leverage Docucorp's two decades of experience in the insurance industry, as well as the flexibility and resources of being a private company, to provide customers with new, innovative products that deliver powerful ROIs and competitive advantage," said Andereck.
The merger positions Skywire Software as a dominant force within the insurance, health care and financial services industries. Skywire Software's expansion has been fueled by organic growth and through eight previous acquisitions during the past four years.