February 29, 2016 by Canadian Underwriter
Insurance software provider Vertafore, Inc. announced on Monday the acquisition of Keal Technology, a Concord, Ont.-based provider of broker and commercial management systems in Canada.
The move extends Vertafore’s customer base into Canada, further creating an “international footprint for the largest software provider in the insurance industry,” Bothell, WA.-based Vertafore said in a press release. The acquisition is expected to close by the end of March.
Pat Durepos, president of Keal Technology, 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 release noted.
“Keal’s products were built specifically for the Canadian marketplace,” commented Jeff Hawn, chairman and CEO at Vertafore. “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. Together, we will bolster Keal’s growth efforts while helping them accelerate their market presence.”
More than 500,000 insurance professionals utilize Vertafore’s technology every day, using the suite of agency management systems already in the company’s product portfolio: the AMS360 management system, Vertafore Agency Platform, Sagitta management system and QQCatalyst agency management system.
“Our clients will now have the backing of the largest financial player in the industry,” Durepos said in the release. “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. ”
The acquisition of Keal comes less than a year after Vertafore acquired QQSolutions, a Florida-based provider of cloud software to independent insurance agencies, and on the heels of over 250 product releases in 2015 across the entire Vertafore product portfolio. The pace of new product innovation cascades through a large customer base including: agencies, carriers, managing general agents, managing general underwriters and over half of state regulatory agencies in the United States.
Vertafore has more than 45 years of industry expertise and is backed by TPG Capital – a leading global private investment firm with more than US$70 billion of capital under management. It offers adaptable technology solutions to better prepare the industry for digital disruption.
Keal Technology offers an “integrated suite of products designed to increase revenue through efficient use of technology,” the release said, providing broker and commercial management system solutions for insurance and financial services brokers.