Thoma Bravo is close to finalising a $1.3bn deal to acquire Itel, a specialist in insurance claims software backed by GTCR, in a move that would deepen the private equity firm’s push into the insurtech sector.

The acquisition, which includes debt, is expected to be announced within days, according to sources familiar with the matter. Itel – formerly known as Global Claims Services – was acquired by GTCR in 2021 for a reported $500m and has since grown into a key player in the property and casualty claims software market.

Post-transaction, Thoma Bravo plans to merge Itel with Nearmap, a geospatial analytics firm already within its portfolio. The combined entity would have an estimated enterprise value of $8bn, positioning it as a scaled platform at the intersection of aerial imagery and insurance claims processing.

The deal would be the latest in a string of insurtech investments by Thoma Bravo, which previously took Majesco private in 2020. That transaction marked a significant step in its expansion across cloud-based insurance core systems.

Source: Bloomberg

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