Guidewire to Acquire Cyence
Guidewire Software, Inc., a provider of software products to property and casualty (P&C) insurers, today announced that it has entered into a definitive agreement to acquire Cyence.
Cyence is a software company that applies data science and risk analytics to enable P&C insurers to grow by underwriting “21st century risks” that are underinsured or uninsured.To meet this challenge, the company offers a “data listening and risk analytics solution” that combines Internet-scale collection and curation of external data with sophisticated machine learning and risk modeling that supports insurers’ product management, actuarial, underwriting, and enterprise risk management functions.
“Cyence is an exceptional technology company that, like Guidewire, focuses on serving the strategic needs of the P&C industry,” said Marcus Ryu, cofounder and CEO of Guidewire Software. “While Guidewire has focused on core operations, data management, and digital engagement, Cyence applies expertise in data science and machine learning to the modeling needs of insurance product design, pricing, and underwriting for 21st century risks.”
Total consideration for the acquisition is approximately $275 million, or $265 million net of $10 million cash on hand, subject to customary transaction adjustments. The transaction is expected to close early in Guidewire’s second fiscal quarter.