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Oct 27 (Reuters) - Insurance software maker Guidewire said on Tuesday it would buy hyperexponential for $1.7 billion in cash and up to $400 million more if revenue targets are met, to expand into AI tools that help insurers assess price and risk.
• London-based hyperexponential makes AI-powered underwriting and pricing software for commercial property and casualty insurers
• The deal will let AI agents work alongside underwriters to assess risk, price it and make decisions, Guidewire said
• It will fund the deal with $1 billion in new term loans from Bank of America and Citibank as well as cash on hand
• The deal is expected to close in the second quarter of Guidewire's fiscal 2027 and will not affect its first-quarter forecast
• Guidewire's software is used by more than 570 property and casualty insurers in 44 countries
(Reporting by Anzar Mehraj in Bengaluru; Editing by Joyjeet Das)
