Vertafore, a portfolio company of U.S. private equity firm TPG Capital, has agreed to buy Keal Technology, a Concord, Ontario-based software applications developer focused on the Canadian insurance brokerage industry. No financial terms were released for the deal, which is expected to close by the end of March. Vertafore, an insurance software and services provider, said the acquisition will expand its portfolio of companies into Canada. Keal, which has over 16,000 broker users, will as a result of the deal be supported in its growth under its existing brand. Based in Bothell, Washington, Vertafore was acquired by TPG from Hellman & Friedman and JMI Equity for US$1.4 billion in 2010.
Vertafore Acquires Keal Technology
Largest insurance software provider expands portfolio of companies into Canadian marketplace
BOTHELL, Wash., Feb. 29, 2016 /PRNewswire/ — Vertafore, the leader in modern insurance technology, today announced the acquisition of Keal Technology, a leading 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.
“Keal’s products were built specifically for the Canadian marketplace. 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,” said Jeff Hawn, Chairman and CEO at Vertafore. “Together, we will bolster Keal’s growth efforts while helping them accelerate their market presence.”
More than 500,000 insurance professionals trust Vertafore technology every day, utilizing the suite of agency management systems already in the company’s product portfolio including the AMS360® management system, Vertafore® Agency Platform™, Sagitta® management system, and QQCatalyst® agency management system. Vertafore has more than 45 years of deep industry expertise and is backed by TPG Capital—a leading global private investment firm with more than $70 billion of capital under management.
“Our clients will now have the backing of the largest financial player in the industry,” said Pat Durepos, president at Keal Technology. “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. ”
Durepos invested in Keal in 1995 after previously running a successful brokerage with his wife. He 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 acquisition of Keal Technology is expected to close by the end of March 2016.
The acquisition of Keal Technology 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 the largest customer base in the industry, including agencies, carriers, MGAs, MGUs and over half the U.S. state regulatory agencies. For more information on Vertafore’s portfolio of products for independent insurance agencies, please visit http://www.vertafore.com.
Vertafore offers the broadest and most adaptable technology solutions to better prepare the insurance industry for digital disruption. The Vertafore product line is built on a platform, empowering customers and other solution providers to adapt and thrive as the market changes. Vertafore’s platform features fast innovation, partnerships with the best technology companies, and customizable solutions to help companies remain independent during a time of industry disruption. As the leader in modern insurance technology with the largest customer base in the industry, Vertafore connects every point of the distribution channel, from agencies and carriers to MGAs, MGUs, and state governments. For more information about Vertafore, visit www.vertafore.com, read the company’s blog, and follow the company on Twitter, LinkedIn, and Facebook.
About Keal Technology
Keal Technology is the expert in Canadian broker innovation and a leader in the BMS (Broker Management Systems) and CMS (Commercial Management Systems) marketplace for insurance and financial services brokers. They offer an integrated suite of products designed to increase revenue through efficient use of technology. For more information, visit www.keal.com.
© 2016 Vertafore, AMS360, Vertafore Agency Platform, Sagitta, QQCatalyst, and the Vertafore logo are trademarks of Vertafore and its subsidiaries. All rights reserved.
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