Kanetix Ltd, a portfolio company of U.S. private equity firm Monitor Clipper Partners, has bought Rates.ca, a Canadian financial services and insurance rate comparison platform. The financial terms of the deal, which was closed in late January, were not released. Rates.ca was sold by VerticalScope Inc. Kanetix, a Toronto-based provider of online quoting technology, said the acquisition broadens its reach and strengthens its position in the domestic market. Founded in 1999, the company was acquired by Monitor Clipper Partners in September 2011.
Announcement – Kanetix Ltd. Acquires Financial Services Rate Comparison Site, Rates.ca
TORONTO, Feb. 3, 2015 /CNW/ – Kanetix Ltd today announced the acquisition of Rates.ca, which closed on January 31st, 2015.
The acquisition of financial services and insurance rate comparison website, Rates.ca from VerticalScope Inc., further broadens Kanetix’s reach and strengthens its position in the online rate comparison industry in Canada, which continues to show significant growth potential. The move signifies Kanetix’s commitment to growing its interests in the insurance and financial services industries online, as well as the ability to offer more choice to consumers shopping online for financial products.
About Kanetix Ltd.
Launched in October 1999, Kanetix Ltd. is Canada’s leading provider of online quoting technology that connects consumers to insurance companies, brokers and financial institutions. Through its online financial services comparison marketplaces, Kanetix.ca, InsuranceHotline.com, RateSupermarket.ca and ComparaSave.ca, Kanetix Ltd. helps consumers shop their various financial needs. Shoppers choose a product, compare rates and complete an online application or, with the help of Kanetix, connect with the provider to purchase or apply for the product over the phone.
Through its Software as a Service team, Kanetix SAAS develops online quotation systems, mobile solutions, actuarial tools and websites for many of Canada’s largest insurance brands.
For further information: For media inquiries, please contact: Kanetix Ltd: Nick Hajicosti, 416.599.9779, firstname.lastname@example.org; Verticalscope Inc.: Jerry Orban, 416-341-7174, email@example.com
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