B.C.-based Zycomp Systems Limited, a Canadian software provider widely known for its broker management system Power Broker, has been acquired by Acturis Group, a London, U.K.-based software as a service (SaaS) provider.
Founded in 2000, Acturis provides technology solutions to general insurance brokers and underwriters in the U.K., Germany and internationally. Its technology is used for commercial lines real-time electronic trading between brokers and insurers in the U.K. and Germany; it also provides real-time, multi-channel solutions for U.K. brokers and insurers.
“We have been interested in the Canadian market for some time, and we believe that the time is perfect for a new entrant to enter the market,” Theo Duchen, co-CEO of Acturis, commented in a news release. “This unique combination [of Acturis and Zycomp] will provide brokers with real choice and the best of both worlds: continued support and development of the Power Broker platform, and the ability to transition to the most modern insurance broker SaaS platform in the world, which is already going live with its first two Canadian brokers.”
Acturis has started the process of deployment of the Acturis SaaS platform in the Canadian market. It is intended to allow Canadian brokers, insurers and managing general agents (MGAs) to benefit from connectivity and e-trade, as well as multi-channel and multi-language capabilities.
Founded in 1992, Zycomp is headquartered in Victoria, B.C. It reports that its Power Broker BMS solution is used by 30% of the Canadian broker market. The company says its broker software solutions are active in more than 820 brokerages across Canada and the Caribbean.
Along with key management, Zycomp’s founders, Steve and Eila Zylak, who have built the business up over the past 27 years, will continue to have a major ongoing and full-time involvement in the Acturis Group.
“We are extremely pleased to join the Acturis Group and we feel that the combination of Zycomp and Acturis can have a significant impact on the Canadian broker software landscape,” Zycomp CEO Steve Zylak commented. “I have committed to stay on for a minimum of five more years to continue to develop the Power Broker system, and to aid with the migration to the Acturis suite of products and to develop integrations between Power Broker and new Acturis products.”
The Acturis Group includes:
NIS – a global provider of software solutions to the travel insurance, assistance and health insurance markets, with customers in more than 40 countries
Acturis Deutschland – a comparative rating tool in the German insurance market and a provider of broker administration and trading software in Germany
ICE InsureTech – a software platform for insurers, managing general agents and claims administrators, with an emphasis on connected insurance and IoT