Lowenstein Sandler represented NexPhase Capital, LP (NexPhase), an operationally focused private equity firm, in its agreement to sell Flexible Architecture & Simplified Technology, LLC (FAST), a leading software company for the life insurance and annuity industry, to Verisk Analytics, Inc. (Verisk). The purchase price is $193.5 million.
Founded in 2010, FAST is a leader among technology companies, supporting the insurance industry's modernization efforts. It provides core software that allows life insurers to efficiently enhance or replace their legacy policy administration, new business, and distribution management systems.
Since partnering with FAST in 2015, the NexPhase team has worked closely with the co-founders to further establish its position in the insurance software industry. Through investments in key personnel and infrastructure, NexPhase has helped FAST grow its impressive platform, bolster its leadership team, improve its operational efficiency, and transition to a recurring revenue model.
The transaction is subject to the completion of customary closing conditions. The Lowenstein Sandler deal team included Christopher C. Henry, Zarema A Jaramillo, Marc S Kurzweil, Jack Sidorov, Michael Walutes, Julie Levinson Werner, Bianka V. Barraza, Bettina C. Elstroth, Katie R. Glynn, Kimber Hargrove, Amanda C. Lutick, Stefanie Manna, and Megan Monson.