Uniondale, NY--OnlineBenefits Inc., provider of Internet-based HR solutions, announced that it has signed a Letter of Intent to acquire Captiva Systems, a producer of agency management software for group insurance brokers.
The deal brings Captiva Systems' software products into OnlineBenefits' suite of solutions targeted at the nation's extensive network of health and welfare insurance brokers. Captiva's flagship product, CommissionsDue, tracks insurance commissions and has been adopted by over 1,000 brokers. AgencyWare is a comprehensive client management system designed specifically for the needs of benefit brokers. It is currently being beta tested with several brokers and will be released this summer.
OnlineBenefits will integrate AgencyWare with its existing successful Advisor Tools and Client Community products. The resulting application will be a centralized system in which brokers will track customers, share documentation with them, perform research, run benchmarking, manage workflow and monitor all of these interactions.
OnlineBenefits intends to devote significant financial resources, product knowledge and sales expertise to capitalize on the power of Captiva Systems' products. The entire staff of Captiva will join the company and continue to focus on its aggressive product upgrade schedule.
The acquisition brings notable synergies. Jim McCallion, President of Captiva Systems explains, "There couldn't be a better fit to get our products into the hands of the nation's top benefits brokers." Alan Cohen, CEO of OnlineBenefits added, "Many of the partners in our network of 350 brokers have been urging OnlineBenefits to offer technology that corrals all of their client and prospect relationships into an organized system.This acquisition fast tracks superb applications into our line-up of products, and we expect the deal to drive nearly one million dollars in near-term revenue with tremendous potential for the future."
Source: OnlineBenefits Inc.
