Integrity Announces Strategic Investment from Silver Lake to Accelerate Growth as Omnichannel Insurtech Leader
Transformational partnership with Silver Lake will expand Integrity’s offering of life, health and wealth solutions into the future and help more Americans prepare for the good days ahead
Integrity Marketing Group, LLC (“Integrity” or “Company”), an omnichannel insurtech leader in life, health and wealth solutions, today announced a new strategic investment of $1.2 billion led by Silver Lake, the global leader in technology investing, for a minority stake in Integrity. Integrity’s founders, management and employees will continue to be the majority shareholders of the Company. Harvest Partners will remain the largest institutional investor, along with HGGC as a significant investor.
This partnership with the leading global technology investment firm is aimed at accelerating the ongoing development and implementation of Integrity’s innovative, one-of-a-kind omnichannel insurtech platform. In connection with this investment, Silver Lake will gain a seat on Integrity’s Board of Directors and will collaborate with Integrity’s leadership and partners on strategic initiatives to accelerate the Company’s organic growth initiatives.
“Integrity has experienced significant growth by expanding the ways we help Americans access life, health and wealth solutions,” said Bryan W. Adams, Co-Founder and CEO of Integrity. “We’ve invested heavily in technology and are constantly working to develop transformative solutions that improve the insurance and wealth management experience for Americans. We are thrilled that Silver Lake has chosen to join us on our journey to innovate insurance and leverage our unique omnichannel distribution network. Silver Lake’s proven experience and expertise in digital transformation will help position Integrity to support Americans in protecting their life, health and wealth more than ever before. This is a revolutionary partnership that will greatly enhance our mission to help Americans prepare for the good days ahead.”
“At Silver Lake, we invest in and help build and grow great companies,” said Egon Durban, Co-CEO of Silver Lake. “In meeting with Bryan Adams and the Integrity team, we were immediately impressed by their deep commitment to innovation and their passion for improving the insurance and financial planning experience for everyone. Insurance and wealth services are crucial components of the healthcare and financial markets — industries ripe for transformative innovation. We look forward to helping Integrity grow their already robust technology footprint and leverage their extensive data assets and unique distribution system to better meet consumer needs.”
Integrity expects new sales placement in 2021 to exceed $7 billion and to reach more than $20 billion of assets under management and advisement through its RIA and broker-dealer platforms by the end of the year. The Company’s 5,500 employees work with more than 420,000 agents and advisors who serve over 10 million clients annually. Integrity partners with the leading life and health insurance carriers to develop products and market them through its unmatched omnichannel distribution system.
“Integrity is at the epicenter of the U.S. healthcare and insurance markets. The amount of data and distribution capabilities that Integrity has assembled in their omnichannel approach is unlike anything in the market today,” said Adam Karol, Managing Director at Silver Lake. “Their enterprise-scale data assets, nationwide sales distribution network of consumer-focused insurance agents, tech-enabled contact centers, triple-digit growth rates and impressive M&A capabilities have created a unique insurtech platform that we’re excited to help grow.”
Silver Lake’s investment will provide valuable technology guidance and scale to Integrity’s expanding network of collaborative, tech-enabled partners in driving innovation across the enormous market for life, health and wealth protection in the U.S. Silver Lake will support Integrity to strengthen and magnify its mantra of “meeting consumers where they are on their life, health and wealth journey.” Integrity will continue its track record of transforming digital experiences in the industry, with the expanding support of Silver Lake’s deep expertise.
“Technology is reshaping the insurance industry and Integrity has been at the forefront of it,” said Jay Wilkins, President of Harvest Partners. “The Silver Lake investment will help take Integrity’s insurtech offerings to a whole new level.”
“The expansive leadership at Silver Lake is truly best in class — their track record of helping technology-driven companies like Integrity maximize opportunities speaks for itself,” added Steve Carlson, Partner at Harvest Partners. “This is a great day not only for Integrity and all of its partners, but also for the millions of Americans who stand to benefit from the improved processes and solutions we will provide together.”
“At Integrity, we will never stop striving to help the people we serve protect what matters most to them — and we’re thrilled that Silver Lake shares our vision,” added Co-Founder of HGGC and Integrity’s Chairman of the Board, Steve Young. “This partnership will allow us to expand our solutions portfolio, streamline our processes and enhance our ability to deliver the life, health and wealth solutions Americans need. We’re proud of what we’ve achieved so far, but we truly feel like we’re still just getting started. Silver Lake is in a class of its own in transforming companies with data, analytics and high aspirations. We’re confident Silver Lake will help Integrity’s forward-looking platform reach its full potential and we’re excited to add them to our investor group.”
Additional terms of the transaction, which is subject to customary closing conditions, were not disclosed.
For more information about the Silver Lake equity partnership with Integrity, view a video at www.integritymarketing.com/SilverLake.
Integrity, headquartered in Dallas, Texas, is a leading distributor of life and health insurance and provider of innovative solutions for wealth management and retirement planning. Through its partner network, Integrity helps millions of Americans protect their life, health and wealth with a commitment to meet them wherever they are — in person, over the phone and online. Integrity’s cutting-edge technology helps streamline the insurance and financial planning experience for all stakeholders. In addition, Integrity develops products with carrier partners and markets them through its distribution network of agencies, brokerages and RIAs throughout the nation. Integrity’s nearly 5,500 employees work with more than 420,000 agents and advisors who serve over 10 million clients annually. In 2021, Integrity expects to help carriers place more than $7 billion in new sales and will oversee more than $20 billion of assets under management and advisement through its RIA and broker-dealer platforms. For more information, visit www.integritymarketing.com.
Silver Lake is a leading global technology investment firm, with more than $88 billion in combined assets under management and committed capital and a team of professionals based in North America, Europe, and Asia. Silver Lake’s portfolio companies collectively generate more than $221 billion of revenue annually and employ more than 526,000 people globally. For more information about Silver Lake and its portfolio, please visit www.silverlake.com.
Founded in 1981, Harvest Partners, LP is an established New York-based private equity investment firm that focuses on investments in middle-market companies in the business services & industrial services, consumer, health care, industrial and software industries. Harvest’s strategy leverages the firm’s 40 years of experience in financing organic and acquisition-oriented growth. For more information, visit www.harvestpartners.com.
HGGC is a leading middle-market private equity firm with over $5.6 billion in cumulative capital commitments. Based in Palo Alto, California, HGGC is distinguished by its Advantaged Investing approach that enables the firm to source and acquire scalable businesses through partnerships with management teams, founders and sponsors who reinvest alongside HGGC, creating a strong alignment of interests. Since its inception in 2007, HGGC has completed more than 300 platform investments, add-on acquisitions, recapitalizations and liquidity events with an aggregate transaction value of over $40 billion. More information, including a complete list of current and former portfolio companies, is available at www.hggc.com.