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NuGrowth CEO Greg Tillar explained the decision to purchase SIS was grounded in their day-to-day work with the SIS product and people. "We have appreciated being part of an organization that brings such excellence and commitment to the insurance agency marketplace. We look forward to building on that passion. With its talented staff, robust agency management platform, outstanding customer service and award-winning industry expertise, SIS is poised for continued success and quality growth."
STFC Chairman and CEO Bob Restrepo said the sale of SIS to NuGrowth was a sound business decision on several levels. "SIS customers, many of whom are State Auto agents, will benefit from the singular focus of NuGrowth. SIS has built terrific agency management software products, but State Auto is an insurance company and that needs to be our singular focus." Restrepo added that the inclusion of the SIS staff was an important requirement of the sale for both parties. "NuGrowth is acquiring talented people who will insure the maintenance and stability of SIS products."
NuGrowth is a sales and business development organization founded in Columbus, Ohio, in 2000. NuGrowth partners with companies to accelerate sales performance, implement growth strategies and build equity. The NuGrowth team has managed top-line sales and bottom-line results for a host of technology and software companies ranging from zero-revenue start-ups to publicly traded global organizations.
State Auto Financial Corporation, headquartered in Columbus, Ohio, is a super regional property and casualty insurance holding company. The company markets its personal and business insurance products exclusively through independent insurance agencies in 33 states and is proud to be a Trusted Choice(R) company partner. STFC stock is traded on the NASDAQ Global Select Market, which represents the top third of all NASDAQ listed companies. The insurance subsidiaries of State Auto Financial Corporation are part of the State Auto Group. The State Auto Group is rated A+ (Superior) by the A.M. Best Company Additional information on State Auto Financial Corporation can be found online at www.StateAuto.com.
SOURCE: State Auto Financial Corporation
NuGrowth Solutions Carol Williams, 614-496-3701 or State Auto Financial Corporation Win Logan, 614-464-5326
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