Guidewire Software Inc. agreed to acquire San Jose, Calif.-based software company ISCS for approximately $160 million in cash, subject to certain adjustments.
A portion of the consideration will be placed into an escrow account as partial security to satisfy any potential claims under the indemnification obligations of Power Management Group Inc., which is the seller in the transaction, and key stakeholders. ISCS will become a wholly owned subsidiary of Guidewire.
The transaction is expected to close in about 60 days.
The acquisition of ISCS will enhance Guidewire's ability to serve P&C insurers that prefer a cloud-based, all-in-one system supporting the insurance life cycle, according to a news release.