Red Hawk was founded in 2015 and provides software and technology-enabled services for insurance companies. The company was acquired by Vencora 2019.
Red Hawk was founded in 2015 and provides software and technology-enabled services for insurance companies. The company is made up of experienced insurance and IT professionals, and offers support with interface development, data conversions and reporting, systems integration work and automated & manual testing services. Through its strong professional services offerings, Red Hawk allows insurers to focus on building their business.
Prior to its acquisition by Vencora, Red Hawk was one of four brands under PPSC, which also included Insuresoft, Covenir and Kaboodle. Under the PPSC umbrella, Red Hawk partnered with these companies and utilized cross-selling services with them to grow their business, such as performing conversion, implementation and testing for Insuresoft’s Diamond Platform.
Looking forward, we want to look further into tuck-ins that would complement Red Hawk’s existing solutions and services, which is something we wouldn’t be able to do without Vencora’ support.
— Steve Adams, Red Hawk CEO
The Decision to Sell
Vencora reached out to PPSC leaders in 2019 about an acquisition of the four companies, and quickly began meaningful and ongoing discussions between company leaders. At the time, Red Hawk was experiencing stable growth through its cross-selling efforts with the other three companies. However, as a smaller player in the market, the company was looking for the backing of a larger company that had a strong presence within the insurance software market to help gain new opportunities.
Red Hawk leaders were also greatly excited by Vencora’ buy-and-hold philosophy, as company leaders were looking to ensure that Red Hawk would be able to continue to grow independently, rather than be dismantled or quickly sold off. The many development opportunities under Vencora for leaders and staff were also of interest to Red Hawk. With a large portfolio of companies under the Vencora umbrella, company leaders were looking forward to having the ability to network and learn from other leaders to help grow their business.
Post-Acquisition Success
Since joining Vencora, Red Hawk has been provided support in growing its profitability and expanding its services. In spring 2021, Red Hawk launched its own licenced product Test Cycle. The new product works with Insuresoft’s Diamond Platform, furthering its cross-selling capabilities, and provides new solutions for its customers, beyond its traditional professional service offerings. The company has also received support in strengthening its Human Resources, Legal and Accounting functions through Vencora’ knowledge and expertise.
The acquisition has also helped position Red Hawk as a larger player in the insuretech industry. Recently, Red Hawk was recognized as a Contender in the Novarica Market Navigator Report, which is defined as having substantial customer experience and momentum in the industry.
The acquisition has also helped position Red Hawk as a larger player in the insuretech industry. Recently, Red Hawk was recognized as a Contender in the Novarica Market Navigator Report, which is defined as having substantial customer experience and momentum in the industry. This recognition has emphasized Red Hawk’s growth into a more established player, which has provided greater name recognition and has opened new doors for company growth.
Looking forward, Red Hawk intends to increase its cross-selling initiatives with other Vencora companies, including newly acquired SSP. The company hopes to also further expand its service and solutions offerings, both through organic growth and tuck-in acquisitions.
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