December 15, 2020
Portico Capital announced today that it served as the exclusive financial advisor to Jornaya, a portfolio company of Edison Partners, Comcast Ventures, Genacast Ventures, and Tribeca Venture Partners, on its sale to Verisk.
“It has been a pleasure working with the Jornaya team, its investors, and Verisk once again as a buyer,” said Casey Hofmeister, Partner at Portico Capital. “Verisk’s extensive reach in Jornaya’s financial services target market and predictive analytical expertise will allow the Company to accelerate distribution of its proprietary behavioral and compliance data and enhance its market-leading solution suite.”
Ross Shanken, Founder and CEO of Jornaya said, “Jornaya was delighted to have found a true partner and advisor in Portico Capital to lead our sale process. Their senior-level access to transaction candidates, as well as potential commercial partners, proved invaluable as we prepared for and executed our transaction. Portico worked tirelessly on our behalf to ensure we exceeded the goals of Jornaya constituents. We went into this process looking for a truly value-add advisor — and we got that in Portico!”
“The Portico Capital team are great partners and helped to deliver an exciting outcome. Their focus on information services and knowledge around data-centric business models is exceptional. This expertise was foundational to effectively support and describe Jornaya's product capability and unique market position,” added Ryan Ziegler, General Partner at Edison Partners.
A more detailed description of the transaction is included with the Company’s press release below:
Verisk to Acquire Behavioral Data and Intelligence Leader Jornaya
The acquisition will help insurers and lenders time and tailor interactions with customers and prospects, delivering better experiences and improving customer acquisition and retention
Jersey City, NJ | Verisk (Nasdaq:VRSK), a leading data analytics provider, announced today it has entered into an agreement to acquire Jornaya, a leading provider of consumer behavioral data and intelligence. The acquisition will add Jornaya's proprietary view of consumer buying journeys to Verisk's growing set of marketing solutions for the insurance and financial services markets.
Using advanced marketing techniques, customers in the property/casualty, life insurance, and lending industries rely on Jornaya's behavioral data, lead compliance intelligence, and other solutions to drive return on investment. With this acquisition, Verisk clients will have the intelligence and agility to time and tailor interactions based on actual in-market behaviors—ensuring engagement with customers and prospects at the right time with a relevant message.
"The rapid growth of competition in insurance and financial services has made it more critical than ever for businesses to help consumers find the products they need with speed and ease,” said Doug Caccese, president of ISO Personal Lines at Verisk. "Jornaya brings unique insights to consumer buying journeys and the ability to meet the evolving needs of CMOs and marketing teams. Combined with our extensive data assets and deep domain expertise in predictive analytics and decision-support solutions, this acquisition will enhance our ability to develop innovations to help our clients refine their marketing outreach, boost customer acquisition and retention, and increase profitable growth."
"Verisk has shown a strong commitment to meeting the rapidly changing needs of leading marketers with data-driven solutions, highly experienced teams, and a significant innovation pipeline," said Ross Shanken, founder and CEO of Jornaya. "As part of the Verisk family, we'll be able to increase our reach, improve our solutions, and help our clients grow with greater speed and efficiency by driving better customer engagement, acquisition, and retention."
The transaction is subject to customary closing conditions.
Jornaya has proprietary behavioral data in markets where consumers make considered purchases, including the insurance and lending industries. Jornaya’s data helps companies and their marketing teams improve consumer engagements and drive profitable growth through a deeper understanding of their customers and prospects and their buying journeys. Leading companies use Jornaya’s data to help retain current customers, grow relationships with existing customers, and establish new relationships. For more information, please visit www.jornaya.com.
Verisk (Nasdaq:VRSK) is a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services. Using advanced technologies to collect and analyze billions of records, Verisk draws on unique data assets and deep domain expertise to provide first-to-market innovations that are integrated into customer workflows. Verisk offers predictive analytics and decision-support solutions to customers in rating, underwriting, claims, catastrophe and weather risk, global risk analytics, natural resources intelligence, economic forecasting, and many other fields. Around the world, Verisk helps customers protect people, property, and financial assets. Headquartered in Jersey City, N.J., Verisk operates in more than 30 countries and is a member of Standard & Poor's S&P 500® Index and part of the Nasdaq 100 Index. In 2018 and 2019, Forbes magazine named Verisk to its World's Best Employers list. For more information, please visit www.verisk.com.
Richard R.S. Northrop, Chairman & Partner
Casey N. Hofmeister, Partner