Insurance software supplier Applied Systems has agreed to acquire US-based insurance processing platform developer Indio Technologies for an undisclosed amount, enabling insurer Hiscox to exit.
Founded in 2016, Indio has built a software platform that helps insurance agencies streamline and evaluate digital applications from customers taking out or renewing insurance policies.
The software compiles data from disparate sources to reduce the scope for error and incorporates tools for building web forms and collaborative workflows.
Applied Systems will add Indio’s functionality to its insurance agency management platform, Applied Epic, and to its Ivans subsidiary, which provides tools that enable different parties within commercial insurance lines to exchange data with each other.
Hiscox took part in Indio’s $2m seed round in 2016 alongside venture capital firms 500 Startups, Compound, Merus Capital and New Enterprise Associates, before the latter three returned for a $6m series A led by fellow VC firm 8VC in February 2018.
The company subsequently collected $20m in a May 2019 series B round led by Menlo Ventures and backed by 8VC.