Professional services company Towers Watson has agreed to acquire Brovada, a Canadian insurance technology business best known for the BrovadaOne platform, an application for integrating and automating interactions between insurers, and their agents and brokers.
“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.”
Towers Watson agreed to purchase Brovada for $15.24 million USD; the transaction will have no material impact to fiscal year 2016 earnings, the companies said, and the transaction is expected to close in the coming weeks.
“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.”
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