Guidewire to acquire FirstBest to bolster industry cloud

Terms of the deal were not disclosed, but the transaction is expected to close in the next few weeks.

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Guidewire, makers of software products for the insurance industry, is acquiring FirstBest to further expand its insurance platform. Terms of the deal were not disclosed, but the transaction is expected to close in the next few weeks.

According to Guidewire, a key player in the industry cloud landscape, acquiring FirstBest will help the company sell more products for the insurance underwriter.

FirstBest's underwriting management system (UMS) allows underwriters to automate the risk-writing process. Without automation, underwriters have to manually pull data from multiple sources and disjointed systems.

"Their expertise in complex risk analysis, and the informational and workflow needs of commercial underwriters will deepen our ability to serve this vital constituency within the industry," Guidewire CEO Marcus Ryu said in a statement.

This is Guidewire's second acquisition in five months. In March, the company bought EagleEye Analytics, a company that provides predictive tools for property and casualty insurers.

Read more: Trov partners with Suncorp Group to launch on-demand insurance | Why it's a good time to find an 'Industry Cloud' dance partner | Inside IBM's plan to become a cloud broker and even resell AWS, Microsoft Azure