Frequently Asked Questions
1. What does today’s announcement of the acquisition of NxTech by Applied Systems mean for the two companies?
Applied Systems is committed to enhancing data connectivity between insurance carriers and the independent agency channel. The company has acquired NxTech to support Applied Systems’ continuing strategic investments in IVANS, an Applied System business unit, for the benefit of the entire property and casualty (P&C) industry.
IVANS, the leading provider of data exchange technologies connecting insurance carriers and independent agencies, has steadily grown across all lines of business and today serves more than 250 carriers and 25,000 agencies in personal and commercial lines, managing approximately 10 million transactions for the industry every month. This acquisition brings together NxTech, an industry leader for carrier interface and data integration solutions, with IVANS, adding significant expertise to IVANS related to data integration and connectivity with insurance carriers.
2. Who is NxTech? What is the nature of its business?
NxTech is a leading provider of carrier-agency-MGA interface solutions in the U.S. The company provides P&C software and services focused on supporting carriers and MGAs exchange data electronically with their distribution channels via real-time, download and portal solutions. NxTech was founded in 2004 and supports more than 450 installations at 70 interface client accounts ranging from large insurance carriers to specialty companies to MGAs and industry organizations.
NxTech’s solutions complement the IVANS portfolio and deliver a strong combined offering to customers. NxTech’s differentiated solutions focus primarily on three areas:
- Real-Time – With strengths in response transactions, round trip of data and access to data sources
- Download – With a strength in data translations
- Portal Solutions
3. How will the two companies operate together?
NxTech will integrate into and operate as part of IVANS Insurance Solutions, maintaining its office location in Cincinnati, Ohio. Bill Tedrick (CEO and co-founder) and Thad Bauer (president and co-founder) will have key leadership positions within IVANS.
4. How will this benefit NxTech and Applied Systems customers?
The combination of IVANS and NxTech will provide meaningful benefits to both companies’ customers, partners and other stakeholders in the industry through the combined company’s expanded technical resources and capabilities, and larger customer support and services infrastructure. Applied Systems continues to invest in IVANS and is committed to making investments in the combined management teams and employee bases of IVANS and NxTech to continue to drive technical innovation, product enhancements, improved carrier-agency data integration, and a higher level of service to P&C customers and partners.
5. How will this benefit the insurance industry?
The combination of NxTech with IVANS better positions Applied Systems to continue to improve carrier-agency connectivity and data exchange solutions for the benefit of the entire P&C insurance industry.