Louisville software company buys insurance company,computation software company
- by admin
Louisville software companies that make software for government agencies and insurers will combine to form a new company, bringing together software and hardware that help to manage their operations and make sure that data and information they collect is secure.
Insurance companies are one of the most lucrative industries in the country.
The software companies and companies that develop software for them typically earn revenue that is more than double that of those that provide traditional software to the public.
In Louisville, which is home to a large and growing number of government employees, the insurance companies employ roughly 12,000 people and have revenues of about $3.2 billion.
The new company will focus on insurance and reinsurance and will be called “Insurance Solutions Louisville.”
It will use software from Insuring Louisville, a Louisville-based company that developed a number of software tools for the city, to build and manage software systems and systems that run on other insurers.
The new company plans to add more than $10 million to the insurance industry in Louisville and to provide technology that helps to better manage the business, said Larry J. McConaughy, president and chief executive officer of Louisville- based InsuringLouisville.
The company will have an office in Louisville, McConoughy said.
InsuringLofty.com has been in operation since 2011.
It offers a suite of software applications that can be used by more than 300 insurance companies, according to a press release from the company.
The software is made by InsuringLouCity, an independent company based in Louisville that has worked with insurance companies in more than 70 states, according a release.
InsulatingLouCity has about 1,500 employees and provides software to insurers, according the release.
InsuringLoucity was created in the wake of the 2012 mass shooting in Aurora, Colo., in which a gunman opened fire on moviegoers at a midnight screening of the Batman movie “The Dark Knight Rises.”
The gunman, James Holmes, was later found guilty of the shooting.
InsulatingLoucity began in the summer of 2014 and was founded by Jim Stapleton, a former president of the National Association of Insurance Commissioners.
He has a background in computer science and has worked for insurance companies since 1999, according company documents.
He has worked on insurance software that was used in the state of Washington, and he helped create software that helped the state track down uninsured people.
InsayingLouisville has a workforce of about 3,000, and its total revenue is about $1.5 billion, according state data.
In the past two years, the company has been operating at a loss, according in a company news release.
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