Towers Watson will buy up a Canadian tech company for more than $15 million. The deal is designed to boost its insurance technology/cloud computing offerings for property/casualty carriers as well as agents and brokers.
The Virginia-based professional services company said its agreement to buy Brovada is expected to close “in the coming weeks,” and will not have any material impact on its fiscal 2016 earnings.
In snatching up Brovada, Towers Watson gains access to BrovadaOne, a platform that allows for integration and automation of transactions between insurers and also their agents and brokers. BrovadaOne can be integrated with modern and legacy policy administration systems in a way that enables seamless transactions, Towers Watson said. Brovada itself debuted in 2003.
Eric Speer, global leader for Towers Watson’s Risk and Financial Services Business Segment, explained in prepared remarks that the acquisition will allow it to offer insurers more options by way of both software-as-a-service and cloud-based technologies.
Karl Greenlaw, founder and CEO of Brovada, said that the deal will help expand access for its software products into new markets and accelerate growth in the process.
Source: Towers Watson