Ridgeline Advisors (“Ridgeline”), a Dallas-based private equity firm, is pleased to announce it has completed the recapitalization of insurance and annuity software developer Management Data, Inc. (“MDI”).
Founded in 1982, MDI has operated as a software developer and ASP provider to insurance and annuity companies. MDI serves its customers by customizing software needs and providing best in class service.
“We are pleased to partner with Pat and the MDI team, they have built an impressive organization that is well positioned to continue to serve its clients during this challenging operating environment. We are impressed with the MDI’s emphasis on technical expertise, product leadership and customer service,” said Worth Snyder, a Managing Director of Ridgeline. “MDI has developed a unique platform that creates a compelling customer value proposition, evidenced by its roster of blue-chip clients in the insurance category. We look forward to helping MDI continue to grow and enhance its product offering and value proposition,” commented Awais Shaikh, a Managing Director of Ridgeline.
“After an intensive three-year search for the right successor, we have finally found an organization that shares our vision and commitment to total customer service and support for our employees. After 23 years of running MDI, I can transition control with the assurance that the legacy of our unique attitude of customer support and value for our clients will be carried on with the same commitment that I have had over these many years,” commented Pat Michael, President and CEO of MDI.
Tyrus O’Neill, Managing Partner with Benchmark International, added “We would like to congratulate Management Data and Pat Michael, as well as, Ridgeline Advisors on a successful deal. Everyone at Benchmark International was impressed by the professionalism of both parties throughout the entire process. Additionally, it’s fantastic to see continued deal activity despite everything taking place in the broader economy. We wish everyone involved nothing but the best moving forward and believe it’s the beginning of a great partnership for Ridgeline and Management Data.”
About Management Data, Inc.
Based in Pelham, Alabama, Management Data, Inc. (“MDI”), provides policy administration software and services and has supported insurance companies and banks offering insurance products since 1982. MDI is exclusively focused on the insurance segment, serving carriers who sell individual or group life, annuity, and health policies. MDI’s core system FIMMAS supports all product lines in a single implementation utilizing the synergy of cross product and client support for both Individual and Group products. FIMMAS supports complete end-to-end insurance functionality from a pre-sale quote through claims payments. FIMMAS is a robust and flexible policy administration system that helps insurers accelerate underwriting and claims to enhance the customer experience and support profitable growth. For additional information visit www.mgtdata.com.
Ridgeline is a Dallas-based investment firm that partners with seasoned management teams to invest in growing, profitable, privately-held companies across North America with a focus on four core industry sectors: technology, consumer, healthcare, and business solutions. The firm takes a selective approach to investing in high-potential businesses whose owners and management teams want an investment partner with the capital, experience, and record of successful collaboration required to achieve their liquidity and value-creation objectives.
Americas: Sam Smoot at +1 (813) 898 2350 / Smoot@BenchmarkIntl.com
Europe: Michael Lawrie at +44 (0)161 359 4400 / Lawrie@BenchmarkIntl.com
Africa: Anthony McCardle at +2721 300 2055 / McCardle@BenchmarkIntl.com
ABOUT BENCHMARK INTERNATIONAL:
Benchmark International’s global offices provide business owners in the middle market and lower middle market with creative, value-maximizing solutions for growing and exiting their businesses. To date, Benchmark International has handled engagements in excess of $6B across various industries worldwide. With decades of global M&A experience, Benchmark International’s deal teams, working from offices across the world, have assisted hundreds of owners with achieving their personal objectives and ensuring the continued growth of their businesses.