West Palm Beach, Fla. – Comvest Credit Partners (“Comvest”), a leading provider of flexible direct financing solutions to middle-market companies, is pleased to announce that it has acted as Administrative Agent and Sole Lender on a $42.5 million senior secured credit facility (the “Financing”) for XDimensional Technologies, Inc. (“XDTI,” or the “Company”), a Brea, Calif.-based provider of insurance technology backed by private equity firm Serent Capital. The Financing was used to refinance existing debt and fund XDTI’s acquisition of I-Engineering, Inc., a Shelton, Conn.-based insurance software firm.
The companies provide complementary insurance technology software with a broad range of applications that support the core business operations of customers.
“The merger brings together two leading players in an attractive technology sector whose differentiated solutions together fulfill mission-critical operating functions for businesses throughout the insurance industry,” said Joe Higginbotham, a Managing Director at Comvest. “Comvest was pleased to structure a tailored financing package to support a key strategic acquisition by XDTI.”
“XDTI marks Serent’s second transaction with Comvest, and we look forward to continuing to grow our relationship with the Comvest team,” said Kevin Frick, Partner at Serent Capital. “Comvest’s deep experience in the technology sector and needs-responsive approach provided us with valuable speed and certainty to close.”
About XDimensional Technologies
XDimensional Technologies, Inc. (XDTI) develops and markets the Nexsure Insurance Platform, a single, comprehensive platform that supports all players in insurance distribution, including retail agencies, wholesalers, agency networks, program administrators, MGAs, and carriers. For more information, visit www.xdti.com.
About I-Engineering, Inc.
Since 1999, I-Engineering has led the industry in customized P&C solutions that simplify how MGAs, Wholesalers, Program Administrators, and Carriers do business. For more information, visit www.i-engineering.com.
About Serent Capital
Serent Capital invests in growing businesses with compelling solutions that exceed customer needs. As businesses grow and evolve, the opportunities and challenges they face change with them. The principals at Serent Capital have firsthand experience navigating growth through their experiences as CEOs, strategic advisors, and board members to successful businesses. Serent leverages their expertise and capital to help growing businesses thrive. For more information on Serent Capital, visit www.serentcapital.com.
About Comvest Credit Partners
Comvest Credit Partners, the direct lending platform of Comvest Partners, focuses on providing flexible financing solutions to middle-market companies. Comvest Credit Partners provides senior secured, unitranche, and second lien capital to sponsored and non-sponsored companies in support of growth, acquisitions, buyouts, refinancings, and recapitalizations, with credit facilities up to $250 million-plus. For more information, please visit www.comvest.com/direct-lending.
About Comvest Partners
Comvest Partners is an operationally focused private investment firm that has provided equity and debt capital to well-positioned middle-market companies throughout North America since 2000. Through its private equity, direct lending and special opportunities investment platforms, Comvest offers tailored investment solutions across the capital structure, deep industry and operating expertise, a collaborative approach, and significant transaction experience as an active investor. Today, Comvest manages more than $9.3 billion in assets, and has invested over $11 billion since inception. Based in West Palm Beach, Comvest also maintains offices in Chicago and New York. For more information, please visit www.comvest.com.