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| HOT-WIRED: Skywire CEO Patrick Brandt continues to grow his software company through acquisition. photography by Vanessa Gavalya |
It may not be sexy, but it’s hot. In a merger that will position the firm as a dominant force within the insurance, health care, and financial services industries, Frisco’s Skywire Software has laid out $127 million to acquire Docucorp International.
Founded in 2000 by a then 27-year-old techie with a keen eye and a sharp business plan, Skywire Software’s rapid expansion has been fueled by organic growth and through eight previous acquisitions during the past four years. The firm’s CEO says that this latest grab will position it as one of the largest software and services providers for insurance, health care, and financial companies. The company provides services for more than half of the top insurance companies and four of the top five banks on the Forbes Global 2000.
“Skywire Software will capitalize on both companies’ strengths, continuing to bring to market technology that will help companies integrate processes, people, and information,” Patrick Brandt said in a statement. “We are fully committed to being the industry leader in customer service, innovation, and talent.”
Skywire Software operates now as a privately held subsidiary of Hall Financial Group. Brandt will stay on as CEO while former Docucorp International CEO Michael Andereck will serve the new company as executive chairman of the board.
“The merger allows the company to leverage Docucorp’s two decades of experience in the insurance industry, as well as the flexibility and resources of being a private company, to provide customers with new, innovative products that deliver powerful ROIs and competitive advantage,” Andereck says.
Definitely not sexy. But definitely nice.
