Worcester insurance tech firm buys Illinois inspection company in all-cash deal
Photo | Courtesy of Xceedance
Arun Balakrishnan, CEO of Xceedance
Xceedance, a global insurance-focused tech and consulting firm based in Worcester, has acquired Millennium Information Services, an Illinois-based property inspection and data company.
With the move, Xccedance will add 200 MIS employees and its nationwide network of more than 1,300 contracted inspectors to its American operations, a move aiming to strengthen its support services for insurance agents, according to a Xccedance press release issued Tuesday.
The terms of the all-cash deal were not disclosed.
“Pairing our deep insurance operational expertise with Millennium’s inspection capabilities and MAPS platform creates the most powerful, analytics-driven offering in the market. We are excited to share the benefit of more real-time data and analysis to consider property risks with clients,” Arun Balakrishnan, CEO at Xceedance, said in the Tuesday press release. “We’re eager to innovate and accelerate the development of tools and services that will drive improved carrier results as underwriters are empowered to make more informed, better decisions.”
Founded in 1991, MIS conducts more than 1 million residential, commercial, and farm inspections annually.
Xceedance has offices in the United Kingdom, Poland, and Australia, and India. The company has been headquartered in One Mercantile, the former Unum Building, since September 2022.
The firm invested $4 million in an India-based blockchain platform in March 2023.
Eric Casey is a staff writer at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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