Towers Watson, a publicly listed professional services consultancy, has issued the following press release:
Towers Watson to Acquire Brovada
Acquisition expands Towers Watson's insurance technology offerings
ARLINGTON, VA, September 14, 2015 — Towers Watson (NASDAQ:TW), a global professional services company, announced it has signed a definitive agreement to acquire Brovada, a Canadian insurance technology business. The acquisition will enhance Towers Watson's position as a leading insurance software provider.
Brovada focuses on streamlining the communications between insurance agents and brokers, and property & casualty insurance carriers, and provides a connectivity platform easily integrated with both modern and legacy policy administration systems to allow for seamless transactions.
"Brovada is a dynamic organization that has developed an exciting technology that will fit well with Towers Watson's portfolio of software," said Eric Speer, global leader for Towers Watson's Risk and Financial Services business segment. "The addition of the BrovadaOne platform will enable us to offer insurers a broader suite of products via software-as-a-service and cloud-based technologies."
Founded in 2003, Brovada is well known for the BrovadaOne platform, which provides a complete solution for integrating and automating interactions between insurers, and their agents and brokers. Brovada is headquartered in Rothesay, New Brunswick, Canada, with additional offices in Moncton and Toronto.
"We have experienced strong growth at Brovada by providing great software with a strong customer focus. Joining Towers Watson will enable Brovada to accelerate the reach of our software into new markets and continue that growth," said Karl Greenlaw, founder and CEO of Brovada. "Additionally, our two firms have a common commitment to excellent client service and innovation that will benefit both our clients and employees."
The purchase price is $15.24 million USD and the transaction will have no material impact to fiscal year 2016 earnings. The transaction is expected to close in the coming weeks.
About Towers Watson
Towers Watson (NASDAQ: TW) is a leading global professional services company that helps organizations improve performance through effective people, risk and financial management. With 16,000 associates around the world, the company offers consulting, technology and solutions in the areas of benefits, talent management, rewards, and risk and capital management. Learn more at towerswatson.com.
Brovada specializes in connectivity, integration, and business process improvement for property & casualty (P&C) insurance carriers, managing general agents, and insurance brokers and agencies. Our capabilities include portals, policy and claim system conversions and integrations, book portfolio transfers, and upload and download. As the leader in P&C connectivity, we are committed to transforming the way the insurance industry does business. Learn more at http://canada.brovada.com/.