Ontario Teachers’ Pension Plan has agreed to acquire Kanetix Ltd, a Toronto-based insurance and financial technology company.
No financial terms were disclosed.
Founded in 1999, Kanetix operates a digital customer acquisition platform and marketplace that provides quote comparison search tools for insurance and other financial products.
Ontario Teachers’ also announced Igal Mayer will become the new president and CEO of Kanetix. Mayer, the founder of Shop Insurance Canada, replaces Andrew Lo.
Kanetix was formerly a portfolio investment of U.S. private equity firm Monitor Clipper Partners (MCP). MCP acquired the business in September 2011.
Ontario Teachers’ Agrees to Acquire Kanetix Ltd.
August 31, 2018
TORONTO – Ontario Teachers’ Pension Plan (Ontario Teachers’) today announced it has agreed to acquire Kanetix Ltd., Canada’s largest digital customer acquisition platform and marketplace that provides quote comparison search tools for insurance and financial products. Financial terms were not disclosed.
Ontario Teachers’ would also like to welcome Igal Mayer as the new Chief Executive Officer of Kanetix, effective immediately. Mr. Mayer is the founder of Shop Insurance Canada as well as the former CEO of Aviva Canada, Aviva UK and Aviva Europe.
Ontario Teachers’ private capital group has a long track record of investing in the financial services and technology industries. Kanetix has been a leader in providing millions of Canadians’ online insurance quotes since its launch in 1999 and has built successful partnerships with Canada’s leading insurance companies.
About Ontario Teachers’
The Ontario Teachers’ Pension Plan (Ontario Teachers’) is Canada’s largest single-profession pension plan, with $193.9 billion in net assets at June 30, 2018. It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an average annualized rate of return of 9.9% since the plan’s founding in 1990. Ontario Teachers’ is an independent organization headquartered in Toronto. Its Asia-Pacific region office is located in Hong Kong and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded, invests and administers the pensions of the province of Ontario’s 323,000 active and retired teachers. For more information, visit otpp.com and follow us on Twitter @OtppInfo.