Altaline Forms Saratoga Compliance Solutions via 3H Compliance Group and NLC Group Acquisitions
By uniting two proven leaders in compliance software and services for the insurance sector, Saratoga creates one of the most comprehensive solution suites in the industry with more than 300 combined clients. The Saratoga platform is tailored to address the growing complexity of state-level compliance requirements faced by insurance carriers, distributors, and service providers, while enabling these clients to streamline operations and reduce regulatory risk.
Gary Harker, the Founder & CEO of 3HCG, has assumed leadership of the combined organization, which will be headquartered in Saratoga Springs, New York. As part of the transaction, Cameron Parker, Operating Chairman of OneShield, a leading provider of core systems software and digital solutions to the insurance industry, and Phil Reynolds, the Founder and Chairman of BriteCore, a leading provider of policy administration systems to the insurance industry – have both joined the Board of Directors.
Commenting on the transaction, Mr. Harker noted, “I am proud of the success that 3HCG has achieved since 2003, including serving nearly 100 of the nation's largest, most innovative and fastest-growing insurance agencies. Together with NLCG, we look forward to delivering more value through new products and solutions while serving an ever-growing list of insurance industry clients nationwide. I am also proud to partner with Altaline, whose principals I have known for nearly 10 years, as well as Haven. Together, I believe they will be transformative partners for our business.”
“We see tremendous opportunity to help Saratoga accelerate innovation – especially by leveraging AI tooling to enrich the product experience” said Brian Maher, Principal at Altaline. “We are also equally excited to help the Company bolster its customer support capabilities, accelerate its robust sales momentum and explore further opportunities for inorganic growth.”
“We are thrilled to partner with Gary, Cameron, Phil and the entire team at Saratoga. Together, we look forward to building a next generation, vertical-focused compliance platform tailored to serve the ever-evolving insurance industry,” added Rafael Telahun, Managing Director at Altaline. “Saratoga builds on our successful track record investing in vertical-focused Compliance, Safety & Risk technology providers.”
BakerHostetler, D.A. Davidson & Co., Payne Enterprises and Crosslake Technologies served as legal, financial, commercial and technical advisors to Altaline, respectively. Fredrikson & Byron and Winston & Strawn served as legal advisors to Haven. White & Case served as legal advisors and Cherry Bekaert served as accounting & tax advisors to 3HCG. NLCG was advised by Jeffrey M. Engle, P.C.
About Saratoga Compliance Solutions
Saratoga Compliance Solutions is a leading provider of compliance software and services to the insurance industry. Formed through the combination of 3H Compliance Group and National Licensing Compliance Group, Saratoga delivers integrated solutions in entity management, license management, surplus lines filings and infraction management. For more information, visit www.saratogacompliance.com.
About Altaline Capital Management
Altaline Capital Management is a Los Angeles-based lower-middle market focused private equity firm dedicated to transforming businesses in the technology, business services and financial services sectors. The firm partners with founders and management teams to build next-generation market leaders in fragmented, high-growth sub-sectors. For more information, visit www.altaline.com.
About Haven Capital Partners
Haven Capital Partners is a New York-based private investment firm providing flexible capital solutions to growth-oriented businesses. Haven partners with strong management teams to accelerate growth by institutionalizing operations, supporting strategic initiatives, and leveraging technology to optimize performance and drive innovation. The firm specializes in growth financing, recapitalizations, strategic acquisitions, and buyouts. For more information, visit www.havencapitalpartners.com.
Dylan McElligott
Altaline Capital Management
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