June 5, 2012 by Canadian Underwriter
Broker management software provider Applied Systems Inc. has acquired Compu-Quote Inc., a Canadian provider of comparative insurance rating solutions.
Applied Systems announced the sale on June 5 after closing the deal on June 1. Terms of the agreement were not disclosed.
Compu-Quote and Applied Systems Canada will ultimately be integrated into a single entity, Applied Systems CEO Reid French told Canadian Underwriter. Compu-Quote’s top management team will be joining Applied Systems Canada, including James Nickelo, Philippe Joassin and Colleen Rolland.
“All of us at Compu-Quote are pleased to join Applied Systems,” James Nickelo, senior vice president of Compu-Quote, says in a press release. “We believe the significant resources and technologies of Applied Systems will allow us to further invest in our customers, software solutions, people and future.”
French noted Applied Systems and Compu-Quote had already been long-term partners in providing Applied System’s TAM broker management system (BMS) to the Canadian marketplace.
French said that acquiring Compu-Quote made strategic sense in light of Applied System’s intention to introduce its forthcoming Epic BMS into Canada during 2013 Q1. Since its introduction into the U.S. marketplace just over three years ago, Epic has been adopted by 500 brokerages in the United States and is being used by more than 18,000 brokers.
“We intend to bring that to Canada in the first quarter of next year,” French said. “In order to support that roll-out, we needed more capability in the marketplace. And so now with the acquisition of Compu-Quote, we have three offices in Canada, 160 people and we’re really excited about it.”
Jeff Purdy, who once ran Applied Systems’ Canadian business prior to his current position running the company’s U.S. sales force, will be returning to Canada as Applied System Canada’s general manager. “He will run Applied Systems Canada for us, which is the combination of Compu-Quote and Applied Systems Canada,” French confirmed.