XDimensional Technologies (XDTI), a US-based insurance technology provider, has announced the acquisition of insurance software provider I-Engineering.

The companies did not disclose the financial terms of the transaction.

Set up in 1999, I-Engineering develops bespoke property and casualty (P&C) solutions to streamline the businesses of insurance clients.

XDTI noted that the acquisition increases the strength of their implementation, support, product, and technology teams, allowing the combined entity to offer additional value to clients.

Together, the companies will offer products and services to retail agencies, wholesalers, managing general agents (MGAs), programme administrators, and insurance carriers.

The acquisition is expected to enhance Serent Capital-backed XDTI’s capabilities to better cater to the needs of expanding MGA space.

XDTI CEO Lani Cathey said: “This acquisition enables us to offer a more robust portfolio of insurance solutions to offer the market. Adding the product suite from I-Engineering, along with their talented team, allows us to grow the combined company and better serve our customer base of over 400 entities focused on the insurance sector.”

I-Engineering founder, chairman and CEO Naval Kapoor said: “We are excited to become part of the XDTI organisation and see this as a tremendous opportunity for our team, our customers, and the industry overall. Combining both companies will provide a broad range of products and services with strong support to retailers, MGAs, MGUs [managing general underwriters], programme administrators, and wholesalers nationwide.”