Towers Watson announces its agreement to acquire Brovada, a Canadian insurance technology business, for $15.24 million.
Founded in 2013, Brovada commonly known as BrovadaOne platform, offers a complete solution for integrating and automating interactions between insurers and their agents and brokers. Headquartered in Rothesay, Canada, it also has offices in Moncton and Toronto. “Brovada is a dynamic organization that has developed an exciting technology that will fit well 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 BrovodaOne platform will enable us to offer insurers a broader suite of products via software-as-a-service and cloud-based technologies.”
Towers Watson’s acquisition of Brovada will help improve its position as a leading insurance software provider. “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.
Greenlaw also added, “Additionally, our two firms have a common commitment to excellent client service and innovation that will benefit both our clients and employees.” The combined company with the integrated global advisory, broking and solutions provider will serve broad range of clients and will have more than 39,000 employees in more than 120 countries. The deal is expected to close by end of this year and the transaction would not have any material impact to fiscal year 2016 earnings.