Latest news with #itel
Hindustan Times
6 days ago
- Business
- Hindustan Times
OpenAI is planning to build 'super assistant' to compete with Apple iPhones- Report
Smartwatches with leather straps offer elegant, versatile tech accessories for both men and women. Featuring AMOLED displays, fitness tracking, and Bluetooth calling, these devices blend style and function across various brands like NoiseFit, itel, Noise, Titan, Amazfit, and Vibez, catering to different preferences and budgets.
Yahoo
22-05-2025
- Business
- Yahoo
GTCR investors set to reap over $5 billion as exits pile, source says
By Ateev Bhandari and Pritam Biswas (Reuters) -Private equity firm GTCR is set to return more than $5 billion to its investors in the calendar year, a source familiar with the matter told Reuters on Thursday, after a string of strong exits sealed a positive momentum for the firm. The development is bucking the trend, as private market investors continue to face a liquidity crunch, driven by persistently high interest rates, macroeconomic volatility and rising odds of a U.S. recession. GTCR's sale of Worldpay last month netted the firm a return two times its investment, the source added, with the $24.25 billion three-way deal helping to lift an otherwise moribund start to the year. In an environment where private equity firms have been compelled to hold onto their investments for longer periods, GTCR has been actively divesting its stakes. Earlier this week, Reuters reported, citing a source, that GTCR sold insurtech itel for over $1.3 billion. This followed its late 2024 sale of insurance brokerage Assured Partners to Arthur J. Gallagher for $13.45 billion. GTCR declined to a Reuters' request for comment. Expectations of a dealmaking resurgence in 2025 have morphed into policy paralysis in recent months, as bankers advise clients to hold off on mergers and acquisitions and initial public offerings until there is more clarity and consistency on U.S. policy. M&As in April have almost fallen to their lowest level in more than 20 years, leaving investors in private markets, who lock up capital at a higher risk expecting higher returns, pressuring their money managers for distributions. Many prolific investors, including Harvard and Yale University, have been reducing their private equity positions as capital calls from commitments to other funds have outpaced returns from such investments. Bloomberg was the first to report on GTCR's returns. Sign in to access your portfolio
Yahoo
21-05-2025
- Business
- Yahoo
Nearmap to acquire insurtech company itel from GTCR
Private equity firm GTCR has reached an agreement to offload ITEL Laboratories (itel) to Nearmap, a portfolio company of Thoma Bravo. Based in Jacksonville, Florida, US, itel provides data analytics and insights to support the property and casualty insurance industry, with a focus on property claims settlements. Investment in the company's technology platform and operational streamlining are said to have almost doubled its revenue within three years, while opening 'new future growth opportunities'. The acquisition will see Nearmap and itel combine their expertise to offer underwriting and claims insights, aiming to improve claims processing and risk mitigation. Nearmap CEO Andy Watt will lead the combined company, while itel CEO Brian Matthews will oversee the transition and join the board of directors. Thoma Bravo will be the lead investor in the merged entity. Watt said: 'This acquisition is transformative for property insurance. We have long admired the itel brand and by bringing our two companies together, we are combining the best of property intelligence and ground-truth data to create a true end-to-end solution that meets the most critical data needs across insurance claims and underwriting.' The deal, due for completion in the second quarter of 2025 (Q2 2025), is subject to standard closing conditions. Goodwin Procter was legal advisor to Nearmap and Thoma Bravo. Itel received financial advice from Raymond James and Bank of America and legal advice from Latham & Watkins. Matthews stated: 'Now, with instant access to property intelligence from Nearmap, we can help customers respond to claims more intelligently and ensure fast, fair and frictionless outcomes. It is a win-win for insurers, adjusters, contractors and homeowners alike.' Earlier this month, GTCR, along with Synova, agreed to acquire JMG Group, a UK-based insurance broker. "Nearmap to acquire insurtech company itel from GTCR " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
CNA
20-05-2025
- Business
- CNA
Thoma Bravo's Nearmap to buy insurance tech firm itel for over $1.3 billion
Thoma Bravo-backed Nearmap has agreed to buy insurance technology provider itel from private equity firm GTCR, the companies said on Tuesday, as it looks to expand its offerings across property portfolios. The deal values itel at over $1.3 billion, including debt, a source familiar with the matter told Reuters. GTCR declined a comment on the deal value. The deal highlights the revived deployment of dry powder by buyout firms as the industry's recovery from high interest rates was disrupted by tariff-driven turbulence. The exchange of private assets in the secondaries market has also come to the forefront, with the freeze in IPO market, the traditional liquidity source for private equity, forcing many managers to sell their holdings at a discount. Founded in 1993, itel uses its proprietary database and technology to reduce costs for insurance companies in the property and casualty segment. The company also assists policyholders with damage assessments through its mobile platform. Jacksonville, Florida-based itel provides its services to all of the top 100 insurance carriers in North America. GTCR, which manages over $45 billion in capital, bought itel in August 2021 from PNC Riverarch Capital. The firm, in a release on Tuesday, said that the insurance tech firm had doubled its revenue over the past three years. "GTCR has been a great partner to us as we have built itel into a leading data and analytics company in the property claims ecosystem," said itel CEO Brian Matthews in a statement. The sale to Thoma Bravo comes just over a month after GTCR achieved a rare, significant return by selling its 55 per cent stake in payments processor Worldpay to Global Payments in a $24.25 billion three-way deal. In an environment where private equity firms have been compelled to hold onto their investments for longer periods, Thoma Bravo has also been active, liquidating its holding in exchange operator Nasdaq in two separate block trades earlier in the month. Thoma Bravo had acquired Australia-based insurance technology firm Nearmap in December, 2022.
Reuters
20-05-2025
- Business
- Reuters
Thoma Bravo's Nearmap to buy insurance tech firm itel for over $1.3 billion
May 20 (Reuters) - Thoma Bravo-backed Nearmap has agreed to buy insurance technology provider itel from private equity firm GTCR, the companies said on Tuesday, as it looks to expand its offerings across property portfolios. The deal values itel at over $1.3 billion, including debt, a source familiar with the matter told Reuters. GTCR declined a comment on the deal value. The deal highlights the revived deployment of dry powder by buyout firms as the industry's recovery from high interest rates was disrupted by tariff-driven turbulence. The exchange of private assets in the secondaries market has also come to the forefront, with the freeze in IPO market, the traditional liquidity source for private equity, forcing many managers to sell their holdings at a discount. Founded in 1993, itel uses its proprietary database and technology to reduce costs for insurance companies in the property and casualty segment. The company also assists policyholders with damage assessments through its mobile platform. Jacksonville, Florida-based itel provides its services to all of the top 100 insurance carriers in North America. GTCR, which manages over $45 billion in capital, bought itel in August 2021 from PNC Riverarch Capital. The firm, in a release on Tuesday, said that the insurance tech firm had doubled its revenue over the past three years. "GTCR has been a great partner to us as we have built itel into a leading data and analytics company in the property claims ecosystem," said itel CEO Brian Matthews in a statement. The sale to Thoma Bravo comes just over a month after GTCR achieved a rare, significant return by selling its 55% stake in payments processor Worldpay to Global Payments (GPN.N), opens new tab in a $24.25 billion three-way deal. In an environment where private equity firms have been compelled to hold onto their investments for longer periods, Thoma Bravo has also been active, liquidating its holding in exchange operator Nasdaq (NDAQ.O), opens new tab in two separate block trades earlier in the month. Thoma Bravo had acquired Australia-based insurance technology firm Nearmap in December, 2022. Raymond James and Bank of America acted as the financial advisers to itel, while Latham & Watkins served as its legal counsel.
