GTCR to sell insurance data provider Itel to Thoma Bravo's Nearmap
By Isha Marathe
May 20 - (The Insurer) - Private equity firm GTCR has signed a definitive agreement to sell insurance data and analytics provider Itel Laboratories to Thoma Bravo-owned property casualty technology company Nearmap, based in Australia.
The financial terms of the deal were not disclosed. It is expected to close in the second quarter of 2025.
Jacksonville, Florida-based Itel is a data and analytics company that offers real-time material pricing and repair-versus-replace analyses to support insurance carriers and homeowners in the property claims settlement process.
GTCR acquired Brian Matthews-led Itel in 2021.
"Our investment in Itel is a perfect example of what we do best at GTCR: partnering with dynamic leaders like Brian to drive transformational growth at exceptional companies," said Dave Donnini, managing director and head of business consumer services at GTCR.
Bloomberg reported that the sale to Nearmap values Itel at $1.3 billion, and that GTCR had acquired the company in a $500 million deal.
Last week, GTCR signed a definitive agreement to acquire UK insurance broker JMG Group, in partnership with existing investor Synova. The firm previously founded brokerages Alliant Resources and AssuredPartners, as well as investing in insurance carrier Ironshore, and insurance brokerage Winged Keel.
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