Guidewire agrees to buy Hyperexponential for $1.7 billion in cash
The insurance-software company, based in San Mateo, said the deal can grow by $400 million if revenue targets are met.
Guidewire said on Tuesday it will acquire Hyperexponential for $1.7 billion in cash, TechCrunch reported. Another $400 million is reserved if revenue targets are hit, putting the total near $2 billion. The deal is expected to close next year. Guidewire said the purchase is meant to put AI agents alongside people who underwrite, analyze and price insurance.
Hyperexponential, founded in the U.K. in 2017, has raised nearly $90 million, according to PitchBook, with backing from Andreessen Horowitz and Battery Ventures. The company says nearly 600 insurers in 40 countries use its software. Guidewire is the San Mateo insurance-software company.
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