Vertafore, the Bothell, Wash.-based insurance software provider, announced the acquisition of Keal Technology, a leading provider of broker and commercial management systems in Canada.
The move extends Vertafore’s customer base into Canada, further enhancing its international footprint, the company said in a statement.
“Keal’s products were built specifically for the Canadian marketplace. As part of this acquisition, Keal will join Vertafore, but importantly, maintain its own brand and identity which have strong reputations and recognition in the Canadian market already,” said Jeff Hawn, chairman and CEO at Vertafore. “Together, we will bolster Keal’s growth efforts while helping them accelerate their market presence.”
More than 500,000 insurance professionals use Vertafore’s suite of agency management systems every day, said the company. These products include the AMS360庐 management system, Vertafore庐 Agency PlatformTM, Sagitta庐 management system, and QQCatalyst庐 agency management system.
“Our clients will now have the backing of the largest financial player in the industry,” said Pat Durepos, president at the Toronto-based Keal Technology. “The insurance industry is undergoing tremendous change. In times of uncertainty, working with the market leader brings stability to Keal and our over 16,000 broker users.”
Durepos invested in Keal in 1995 after previously running a successful brokerage with his wife. He will work directly with Greg Wright, senior vice president of Agency and Carrier Solutions at Vertafore. Durepos will focus on specialized product development, driving growth in the Keal portfolio, and advocating for customers in the Canadian market, the statement issued by Vertafore said.
The acquisition of Keal Technology is expected to close by the end of March 2016.
With more than 45 years of industry experience, Vertafore is backed by TPG Capital 鈥� a leading global private investment firm with more than $70 billion of capital under management.
The acquisition of Keal Technology comes less than a year after Vertafore acquired QQSolutions, a Florida-based provider of cloud software to independent insurance agencies. During 2015, Vertafore had more than 250 product releases.
Source: Vertafore
Topics Mergers & Acquisitions Agencies Tech Canada
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