Haven Capital Partners, in collaboration with Altaline Capital Management, acquired Saratoga Compliance Solutions, a next-generation insurance compliance platform.
Financial details of the deal have not been disclosed.
Saratoga Compliance Solutions was formed through the combination of 3H Compliance Group (3HCG) and National Licensing Compliance Group (NLCG).
With the unification of two entities that provide software and compliance services for the insurance sector, Saratoga is said to have a comprehensive solutions set in the industry with more than 300 clients combined.
Haven Capital Partners partner David Bainbridge said: “We see a tremendous opportunity to help Saratoga accelerate product innovation and grow its mission-critical software platform.
“The company is well positioned to strengthen customer relationships, build on its growth momentum, and make strategic acquisitions to further expand its platform.”
Former 3H Compliance Group founder and CEO Gary Harker will lead the new combined organization, based in Saratoga Springs, New York.
The board of directors has been strengthened with the addition of OneShield chief operating officer Cameron Parker and BriteCore founder and president Phil Reynolds.
Gary Harker said: “I am proud of the success 3HCG has achieved since 2003, including serving nearly 100 of the country’s largest, most innovative and fastest-growing insurance agencies.
“Together with NLCG, we look forward to delivering more value through new products and solutions as we serve a growing list of insurance industry clients across the country.”
Fredrikson & Byron and Winston & Strawn acted as legal advisors to Haven Capital Partners in this transaction.
BakerHostetler served as legal advisor, DA Davidson & Co. as financial advisor, Payne Enterprises as commercial advisor, and Crosslake Technologies as technical advisor to Altaline.
White & Case served as legal counsel and Cherry Bekaert as tax and accounting counsel to 3HCG, while Jeffrey M. Engle served as counsel to NLCG.
Haven Capital Partners partner Yash Kandoi said: “We are delighted to be partnering with Gary, Cameron, Phil and the entire Saratoga team.
“Together, we look forward to building the leading AI-enabled compliance software platform that addresses the complex regulatory needs of the insurance industry.
“Saratoga represents a continuation of our strategy of partnering with exceptional founders and supporting them as they take their businesses to the next stage of growth.”
“Haven and Altaline Acquire Saratoga Compliance Solutions” was created and originally published by Life Insurance International, a brand owned by GlobalData.