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Published in Finance
Acrisure’s headquarters in downtown Grand Rapids. Acrisure’s headquarters in downtown Grand Rapids. COURTESY PHOTO

Acrisure bolsters cyber services division with two acquisitions

BY Thursday, July 21, 2022 03:10pm

GRAND RAPIDS — Grand Rapids-based fintech company and global insurance broker Acrisure LLC has added to its cyber services business with two acquisitions.

The company today announced the acquisition of Indianapolis-based Catalyst Technology Group as well as ITS Inc. in Bar Mills, Maine.

The acquisitions give the fast-growing Acrisure access to products and services that include Microsoft products, licenses, and Azure Cloud services; Dell computers and components; Cisco networking equipment and software; and installation and support engineering.

“Catalyst and ITS are entrepreneurial organizations with strong leadership and deep customer relationships. Our clients will greatly benefit from an expanded Cyber Services offering with these capabilities added to our solution,” Acrisure co-founder, Chairperson and CEO Greg Williams said in an announcement.

Terms of both acquisitions were undisclosed.

Catalyst Technology Group provides small- and medium-sized businesses with enterprise information technology support. ITS provides IBM system design, integration and consulting services to manufacturing, distribution, health care, education and other sectors.

Acrisure launched its cyber services division earlier this year and has been rapidly expanding capabilities to offer full cybersecurity services to clients.

“Cyber risk is a threat to organizations of all sizes, but small and mid-size companies are especially vulnerable to increasingly sophisticated attacks. Additionally, cyber insurance carriers are raising the bar for minimum protection needed to secure coverage,” said Bill Meara, the president of Acrisure Cyber Services. “We provide a single solution that is customized to their unique risk profile, size, industry and more. Now, with Catalyst and ITS we’ve created a holistic I.T. solution.”

As Acrisure builds its cyber services division, the company remains one of the top acquirers of insurance agencies and brokerages in North America.

Through the first half of 2022, Acrisure closed on 43 acquisitions, second to the 48 by PCF Insurance Services in Lehi, Utah, according to Chicago-based Optis Partners LLC that tracks M&A in the industry. 

Acrisure has been the largest acquirer in the industry since 2018, closing on 477 acquisitions in four and a half years, according to a quarterly report from Optis Partners.

Through the aggressive acquisition strategy, Acrisure has grown rapidly to more than $3.8 billion in revenue from $38 million eight years ago and has expanded globally. The company today operates in 14 countries and has more than 14,000 employees.

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