The Palo Alto-based unicorn agreed to buy AP Intego Insurance Group which is a digital insurance agency that focuses on small businesses and offers its services through software from companies including Intuit, Gusto, Square and Toast
Next insurance Inc, an online insurer, is on the move to buy Massachusetts-based rival which will double its business. CEO Guy Goldstein said in a news release that the acquisition will help Next to gain more access to customers.
“The combination of AP Intego’s experience in insurance product distribution through partners and pay-as-you-go infrastructure combined with our approach to digital customized coverage, will provide more customers with seamless access to innovative insurance products,” CEO Guy Goldstein said in the news release.
“Next Insurance and AP Intego have created solutions that cater to the needs of small business owners and by teaming up, they will further our strategy of delivering Intuit customers an innovative insurance buying experience, offering more choice and flexibility, within the Quickbooks platform,” Olivier Bartholot, director of product management for online payroll at Intuit, said in the announcement.
The acquisition will help Next to boost its numerous small-business customers to over 200,000 said Goldstein. Next has raised a total of about $636 million from investors, including Redpoint Ventures, TLV Partners, Munich RE Ventures and Zeev Ventures excluding the reported new funding deal.