ATLANTA—December 5, 2018—RISKONNECT the fastest-growing provider of risk, claims and safety software, announced today that it has acquired DAVID CORPORATION, a proven leader in claims and policy administration software. As a combined company, Riskonnect will have more than 625 clients, 390,000 users and 450 colleagues with offices in 9 countries. Specific terms were not disclosed.
Riskonnect Chief Executive Officer Bill Diaz explained the company’s reasons for the acquisition: “With our purchase of DAVID Corporation, Riskonnect enhances our product capabilities and improves our competitive position in several important markets. We’re excited to add DAVID Corp. products to the Riskonnect suite of technology solutions. NAVRISK® VISION Policy is a market-leading administration and underwriting tool that moves Riskonnect into the insurance policy administration software marketplace. DAVID’s NAVRISK® VISION Claims is uniquely positioned to offer P&C midmarket organizations a state-of-the-art claims administration tool at an affordable price. In addition, acquiring DAVID Corp. will strengthen our position in key markets that include captives, health care, and risk pools, risk retention groups and insurance funds.”
DAVID Corp. President and Chief Executive Officer Mark Dorn will not be joining the newly combined companies. Mr. Dorn will, however, serve as a consultant during the transition period following Riskonnect’s acquisition of DAVID Corp. Mr. Dorn said: “In Riskonnect, DAVID Corp. has joined forces with the ideal partner. Riskonnect understands and appreciates the many assets as well as the expertise that the people of DAVID bring to this acquisition. I’m proud of the work that my DAVID colleagues and I have done to build and deliver outstanding policy, claims and risk products. I’m confident that DAVID’s already successful trajectory will be accelerated under Riskonnect’s leadership. DAVID’s outstanding staff and our valued customers are in excellent hands with Riskonnect.”
For current DAVID Corp. clients, Riskonnect will fully support the NAVRISK® VISION suite of products. There are no plans to move NAVRISK® VISION clients to Riskonnect products (or vice versa) unless a client identifies a need solved by another solution.
For new customers, the combined Riskonnect/DAVID Corp. will provide integrated risk management, claims and policy solutions configured to best meet the customer’s specific needs.
About Riskonnect
Our people, software, and innovative solutions empower organizations to achieve optimal results from their risk, insurance, and claims programs. Through the depth and breadth of our software solutions, global capabilities, and domain expertise, we are the proven leader in supporting virtually every type of industry and the largest and most complex companies in the world. Riskonnect. proudly partners with over 540 organizations and 350,000 users in more than 40 countries. For more information, please visit WWW.RISKONNECT.COM
About DAVID Corporation
DAVID Corporation specializes in risk management software, claims management software, and policy management solutions for self-administered organizations. We serve brokers, insurance carriers, risk pools, third party administrators (TPAs), self-insured companies and other organizations managing property and casualty risk. Founded in 1985, for more than three decades we help organizations run their operations more efficiently and better control their total cost of risk outcomes.
Media Contact:
Jim Dickinson
JIM.DICKINSON@VENTIVTECH.COM
+1.678.254.1818
