Acquisition enables Guidewire to better serve Property/Casualty
insurers’ data management and business intelligence needs
FOSTER CITY, Calif.--(BUSINESS WIRE)--May. 13, 2013--
Guidewire Software, Inc. (NYSE: GWRE), a provider of software products
for Property/Casualty (P/C) insurers, today announced it has acquired
Millbrook, Inc., a provider of data management and business intelligence
(BI) solutions for P/C insurers. The addition of Millbrook’s technology
will enable Guidewire customers to accelerate replacement of their
legacy core systems and to improve management of operational data in
their policy, billing, and claims functions.
Guidewire provides a proven software suite enabling P/C insurers to
replace legacy core system environments that constrain their business
ambitions. A modern data management infrastructure can enhance the
benefits while reducing the cost, risk, and duration of legacy system
replacement initiatives. To this end, the Millbrook team has invested 16
years developing data models and solutions for data management and
business intelligence optimized for P/C insurance.
“We welcome the Millbrook team and look forward to their contributions
to our mission of enabling P/C insurers to transform their businesses
and improve service to their policyholders,” said Marcus Ryu, chief
executive officer, Guidewire Software. “The Millbrook team shares our
sole focus on the P/C insurance industry and our foremost commitment to
customer success.”
“We are very excited about this acquisition from a solution
perspective,” said Neil Betteridge, vice president, Strategy, Guidewire
Software. “Data challenges are often viewed as significant inhibitors to
legacy system replacement and business transformation. Providing data
management and business intelligence capabilities is an ideal complement
to the core systems we already provide.”
“I am proud of our track record and would like to thank the loyal
Millbrook customers that supported our success as well as our dedicated
employees who have an intimate understanding of P/C data management. We
are excited to bring our technology and expertise to Guidewire,” said
John Search, co-founder, Millbrook and senior consulting director,
Guidewire Software. “Our past work with mutual customers has shown our
ability to deliver significant benefits using both companies’ products
together.”
Guidewire does not expect the acquisition of Millbrook will have a
material impact on revenue or non-GAAP profitability in the fourth
quarter or full year fiscal 2013. The company will announce its third
quarter financial results, along with its overall guidance for the
fourth quarter and full year fiscal 2013 on May 28, 2013. A separate
press release with dial-in information will be issued at a later date.
About Guidewire Software
Guidewire Software is a provider of software products for
Property/Casualty insurers. Designed to be flexible and scalable,
Guidewire products enable insurers to deliver excellent service,
increase market share, and lower operating costs. Guidewire products
include Guidewire InsuranceSuite™, consisting of Guidewire
PolicyCenter®, Guidewire ClaimCenter® and Guidewire BillingCenter® which
span the core functional areas in insurance and Guidewire LiveSM,
a cloud-based network connecting peer insurers, core system data and
expert tools through instant on apps. Guidewire is headquartered in
Foster City, California, with offices in Beijing, Dublin, Hong Kong,
London, Munich, Paris, Sydney, Tokyo, Toronto, and Warsaw. For more
information, please visit http://www.guidewire.com.
NOTE: Guidewire, Guidewire Software, Guidewire ClaimCenter, Guidewire
PolicyCenter, Guidewire BillingCenter, Guidewire InsuranceSuite,
Guidewire Live, Live Inside, Before & After, Claim Canvas, ViewPoint,
Guidewire PartnerConnect, Guidewire SolutionConnect, Deliver Insurance
Your Way, and the Guidewire logo are trademarks, service marks, or
registered trademarks of Guidewire Software, Inc. in the United States
and/or other countries.
Source: Guidewire Software, Inc.
Guidewire Software, Inc.
Diana Stott, +1-650-356-4941
Director,
Communications
dstott@guidewire.com