Comvest Credit Partners Supports Acquisition of I-Engineering by XDimensional Technologies

In a strategic move to strengthen its position in the insurance technology sector, XDimensional Technologies, Inc. (XDTI) has acquired I-Engineering, Inc. This acquisition was made possible with the support of Comvest Credit Partners, a leading provider of flexible direct financing solutions to middle-market companies. Comvest acted as the Administrative Agent and Sole Lender on a $42.5 million senior secured credit facility, which was used to refinance existing debt and fund the acquisition.

The merger between XDimensional Technologies and I-Engineering brings together two industry leaders with complementary insurance technology software. Their combined offerings provide a broad range of applications that support the core business operations of customers in the insurance industry. This strategic move not only expands XDTI's product portfolio but also enhances its ability to deliver mission-critical operating functions to businesses in the insurance sector.

Joe Higginbotham, a Managing Director at Comvest, expressed his enthusiasm for the merger, stating, "The merger brings together two leading players in an attractive technology sector whose differentiated solutions together fulfill mission-critical operating functions for businesses throughout the insurance industry." Comvest's tailored financing package played a crucial role in supporting this key strategic acquisition by XDTI.

Kevin Frick, Partner at Serent Capital, the private equity firm backing XDTI, shared his excitement about the collaboration with Comvest, stating, "Comvest's deep experience in the technology sector and needs-responsive approach provided us with valuable speed and certainty to close." This marks Serent Capital's second transaction with Comvest, and they look forward to continuing to grow their relationship with the Comvest team.

XDimensional Technologies, Inc. (XDTI) is a Brea, California-based provider of insurance technology solutions. They have developed and market the Nexsure Insurance Platform, a comprehensive platform that supports all players in insurance distribution, including retail agencies, wholesalers, agency networks, program administrators, MGAs, and carriers. With the acquisition of I-Engineering, XDTI expands its capabilities and further solidifies its position in the insurance technology market.

I-Engineering, Inc., founded in 1999, is a Shelton, Connecticut-based insurance software firm. They are recognized for their customized Property and Casualty (P&C) solutions that simplify how MGAs, Wholesalers, Program Administrators, and Carriers do business. The acquisition by XDTI allows I-Engineering to leverage the resources and expertise of XDTI to accelerate its growth and expand its reach.

Comvest Credit Partners, the direct lending platform of Comvest Partners, focuses on providing flexible financing solutions to middle-market companies. Their senior secured credit facility, unitranche, and second lien capital offerings support growth, acquisitions, buyouts, refinancings, and recapitalizations. With credit facilities up to $250 million-plus, Comvest Credit Partners has a proven track record of helping companies achieve their strategic objectives.

Comvest Partners, the parent company of Comvest Credit Partners, is an operationally focused private investment firm. Since 2000, they have provided equity and debt capital to well-positioned middle-market companies throughout North America. Comvest offers tailored investment solutions across the capital structure, leveraging their deep industry and operating expertise. Their collaborative approach and significant transaction experience make them a trusted partner for companies seeking growth and value creation.

In conclusion, the financing provided by Comvest Credit Partners has played a crucial role in enabling XDimensional Technologies to acquire I-Engineering. This strategic acquisition strengthens XDTI's position in the insurance technology sector and enhances its ability to provide mission-critical operating functions to businesses in the insurance industry. With the support of Comvest, XDTI can continue to deliver innovative solutions and drive growth in the market.