Deal will combine Bindable’s insurance technology and white-label agency operations with Franklin Madison’s network of more than 3,500 partner organizations
Franklin Madison, a portfolio company of Mill Point Capital LLC, has entered into a definitive agreement to acquire Boston-based Bindable, an insurance technology company specializing in alternative distribution and white-label agency operations.
The proposed acquisition will see Bindable’s Insurance-as-a-Service platform and licensed agency capabilities merge with Franklin Madison’s insurance distribution and marketing operations, currently serving a network of more than 3,500 partner organizations.
“What mattered most to us was finding the right partner for Bindable, one that understood what we’ve created and could help us take it further,” said Bill Suneson, co-founder and CEO of Bindable. “Franklin Madison gives us the ability to build on what’s working, continue evolving the business, and pursue the next phase of growth from a much stronger position. I’m incredibly proud of our team and grateful for everything they’ve done to make this next chapter possible.”
Together, the combined entities will expand insurance distribution opportunities for financial institutions, membership organizations, insurance carriers, and other businesses offering insurance products to their customers.
No further terms of the transaction or anticipated closing date were disclosed.
Bindable’s Technology and Agency Operations to Continue Under Separate Models
Following completion of the transaction, Bindable will continue offering its technology as a stand-alone Software-as-a-Service (SaaS) platform for organizations that operate their own insurance agencies.
Its white-label agency operations will become part of Franklin Madison’s broader insurance distribution business.
Under the proposed structure, partners will have two options: license Bindable’s technology for their existing agency operations or use a broader service offering that combines the technology with licensed agency operations, marketing services, and insurance program administration support.
The companies said the arrangement will preserve Bindable’s existing technology licensing model while expanding the operational resources available to its agency partners.
Expanded Distribution Opportunities for Insurance Carriers and Partners
Franklin Madison provides insurance and marketing services to financial institutions and membership-based organizations. Its existing distribution network includes more than 3,500 partner organizations.
Bindable provides insurance distribution technology, carrier connectivity, digital customer experiences, and licensed agency services.
According to the announcement, combining these capabilities is expected to expand distribution opportunities for participating insurance carriers and product providers through Franklin Madison’s established affinity network.
For organizations operating white-label insurance agencies, the companies anticipate additional operational capacity and marketing resources intended to improve customer engagement, conversion rates, and insurance program performance.
Technology licensing customers are also expected to benefit from continued platform development, including new artificial intelligence capabilities and expanded insurance product support.
Executives Outline Plans for the Combined Business
Bill Suneson, co-founder and CEO of Bindable, said the transaction will provide additional resources to expand the company’s existing operations.
“Franklin Madison gives us the ability to build on what’s working, continue evolving the business, and pursue the next phase of growth from a much stronger position,” Suneson said.
Andrea Heger, CEO of Franklin Madison, pointed to Bindable’s combination of technology and insurance agency operations as a principal element of the transaction.
“Bindable has built a differentiated model that combines the technology, operational infrastructure, and insurance capabilities needed to bring successful P&C programs to market,” said Heger. “Blending those capabilities together with Franklin Madison’s distribution and marketing expertise gives us a powerful foundation to elevate what we can offer our partners and the customers they serve.”
The announcement did not specify whether Bindable’s existing management team will remain in place following completion of the acquisition.
