CRAWFORD & COMPANY® ACQUIRES MAJORITY INTEREST IN WEGOLOOK®, LLC
December 06 2016 - 4:06PM
CRAWFORD & COMPANY® ACQUIRES MAJORITY INTEREST IN
WEGOLOOK®, LLC
Atlanta, GA - December 6, 2016
- Crawford & Company® (www.crawfordandcompany.com) (NYSE:
CRD-A and CRD-B), one of the world's largest independent providers
of claims management solutions to insurance companies and
self-insured entities, today announced the acquisition of a
majority interest in WeGoLook®, LLC (WGL(TM) or WeGoLook), an
online and mobile collaborative economy platform headquartered in
Oklahoma City, Oklahoma. This strategic investment in WeGoLook will
enable Crawford® to revolutionize, automate and expedite the claim
handling process by utilizing a large mobile workforce for
automotive and property inspections. The acquisition of 85% of the
membership interests of WeGoLook by Crawford, which is subject to
certain conditions, has been approved by the Board of Directors of
both companies for $36.125 million and is expected to close in
early January 2017.
"I am very pleased to welcome WeGoLook's
employees, contractors, and customers to Crawford given the
tremendous potential that I see as we combine WeGoLook's innovative
technology with Crawford's global reach and client relationships,"
commented Harsha V. Agadi, president and chief executive officer of
Crawford & Company. "WeGoLook handles anything from automotive
and property inspections to support the insurance industry as well
as a broad range of general commerce transactions and verification
of internet-based purchases. Their cost-effective services will
allow Crawford to unlock the large, underserved market for high
frequency claims, reduce claim handling fees, and help guard
against fraud."
Mr. Agadi continued, "Looking forward, our
industry will continue to experience rapid change which will
require innovative thinking and further investment. To ensure that
Crawford stays at the forefront of this change, we have created
Crawford Innovative Ventures, LLC, which will
be led by Ken Fraser, EVP, chief strategy and development officer
of Crawford. This entity has been formed to invest in strategic
acquisitions and partnerships that will support the Crawford
strategic plan. This arm will be a catalyst for change across the
property and casualty industry and Crawford worldwide, bringing
about new thinking, innovation and adding to our growing
entrepreneurial culture. WeGoLook is the first such strategic
acquisition."
Robin Smith, chief executive officer of WeGoLook
commented, "I am very proud of the company that our team has built,
as WeGoLook is among the fastest growing and most innovative gig
economy companies in the U.S. We are excited about our new
partnership as Crawford's global brand recognition and client
relationships will be invaluable as we grow our business. I could
not be more excited with what the future holds, and I remain
committed to the combined company."
Mr. Fraser commented, "WeGoLook is a forward
thinking, technological company that dispatches over 30,000
'Lookers®' to collect or verify information at the click of a
button. A company like this gives us the mobility and manpower to
serve as your feet on the street, delivering real-time efficient
customized solutions needed to make informed decisions. WeGoLook
fits perfectly into our global strategy of utilizing technology to
become faster and more efficient as we strive to better serve our
clients and grow our company. To that end, we plan to expand this
business around the world, using our worldwide footprint and strong
global property & casualty and TPA client relationships."
Mr. Agadi concluded, "We are thrilled to be
working with WeGoLook as the combination of our two companies will
infuse Crawford with fresh ideas and expertise, as well as add an
attractive brand with a business model for the future. Importantly,
WGL will play a critical role in making Crawford grow at a much
faster rate."
About WeGoLook
Founded in 2009, Oklahoma City-based WeGoLook
(wegolook.com) is a pioneering on-demand field inspection and
verification services. With its web and mobile platform, the
company empowers a 30,000+ mobile workforce, known as Lookers, to
collect and verify information and fulfill custom tasks for
businesses and consumers alike.
About Crawford
Based in Atlanta, Georgia, Crawford & Company
(www.crawfordandcompany.com) is one of the world's largest
independent providers of claims management solutions to the risk
management and insurance industry, as well as to self-insured
entities, with an expansive global network serving clients in more
than 70 countries. The Crawford Solution® offers comprehensive,
integrated claims services, business process outsourcing and
consulting services for major product lines including property and
casualty claims management, workers' compensation claims and
medical management, and legal settlement administration.
This press release contains forward-looking
statements, including statements about the expected future
financial condition, results of operations and earnings outlook of
Crawford & Company. Statements, both qualitative and
quantitative, that are not historical facts may be "forward-looking
statements" as defined in the Private Securities Litigation Reform
Act of 1995 and other federal securities laws. Forward-looking
statements involve a number of risks and uncertainties that could
cause actual results to differ materially from historical
experience or Crawford & Company's present expectations.
Accordingly, no one should place undue reliance on forward-looking
statements, which speak only as of the date on which they are made.
Crawford & Company does not undertake to update.
press-release-US-Crawco-aquires-WeGoLook-12-6-2016
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Crawford & Company via Globenewswire
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