The carrier software provider will pay $275m to acquire Cyence, as it looks to move further into helping its P&C customers address emerging risks including cyber, reputation, and new forms of business interruption.
Cyence was founded in 2014, employs about 90 people and is based in San Mateo, CA. Guidewire’s presentation on the planned Cyence acquisition noted that the company’s staff includes cloud engineers, data scientists, modelers and P/C experts. It serves more than 30 customers including insurers, reinsurers, brokers, regulators and rating agencies, according to the presentation. Cyence raised $40 million in financing in 2016, from investors including Dowling Capital Partners, New Enterprise Associates (NEA) and IVP.