Versata Enterprises Acquires Clear Technology
Virtual Water Cooler, May 12, 2008
Austin, Texas — Versata Enterprises Inc., an Austin, Texas-based provider of enterprise software solutions, announced the acquisition of Westminster, Colo.-based Clear Technology Inc., a provider of business process automation solutions for the financial services and insurance industries.
Versata will operate Clear as a stand-alone entity within its Financial Services Business Unit. Clear Technology joins Versata’s growing family of enterprise software companies, including Versata Software Inc., Versata Inc., Artemis International Solutions Corp., Nextance Corp. and Gensym Corp.
"Joining Versata will enable Clear to leverage the resources of a larger global company similarly focused on delivering business value to customers through robust, agile applications,” says Brian Cohen, Clear Technology's CEO. “We expect the acquisition to enable Clear to provide our customers with a broader set of product and services offerings, as well as continue to focus on the significant business benefits of Clear’s technology and solutions."
Versata will rollout its market-leading customer success program to Clear customers, thereby emphasizing Versata’s intense focus on aligning investments with customer priorities.
"The acquisition of Clear Technology extends our proven solution set for the insurance and brokerage industries into the claims, policy administration and underwriting areas of the business," says Chris Smith, COO of Versata Enterprises. "Our combined solution set will position Versata to offer powerful, modern back office solutions demanded by the world’s largest insurance and brokerage companies. We believe we have the most efficient and capable global organization in the world, and we leverage that capability to deliver customer success. Versata has a long history of operational efficiency enabling us to deliver the unexpected and we will continue that tradition with Clear."
Versata will combine Clear's operations with its headquarters in Austin. Additionally, over the next few weeks, Versata executives expect to meet with Clear’s customers to emphasize Versata’s commitment to continuity, describe the benefits of the customer success program and formulate a plan to ensure continued mutual success, according to Clear.
Source: Clear Technology Inc.