(Image source: Kronos homepage.)
Equisoft, a Montreal-based global provider of digital business solutions for the insurance and wealth industries, has announced its acquisition of Kronos Technologies (Quebec), a provider of web and mobile applications for the investment and insurance sectors.
Kronos Technologies is best known for its customer relationship management (CRM) application, Kronos Finance, and financial needs analysis (FNA) tool, Kronos FNA. Both products feature unique functionalities, including the ability to import in-force insurance policies and investments from manufacturers and distribution back offices, according to an Equisoft statement.
Kronos Finance is a CRM system designed specifically for investment and insurance professionals and currently has a client base of over 12,000 users, according to Equisoft. The platform allows advisors, MGAs, as well as MFDA and IIROC dealers to centralize all the information related to their clients’ insurance and investment holdings, providing powerful sales and compliance tools. Available as an add-on to Kronos Finance or as a stand-alone solution, Kronos FNA is a tool designed to help financial professionals easily assess their clients’ insurance and investment needs.
Equisoft characterizes Kronos Technologies as having complementary strengths, in that both companies are fast-growing players committed to innovation in order to help their clients maintain a strong competitive position. “This is really a situation where the whole is greater than the sum of its parts,” claims Luis Romero, Equisoft Founder & CEO. “By bringing together our respective teams’ skill sets and leveraging the complementarity of our offerings, we are convinced we can better serve our current and future clients in the insurance and wealth management sectors.”
“Equisoft’s global presence provides great opportunities for our CRM and Financial Needs Analysis tools, as well as our team,” comments François Levasseur, CEO, Kronos Technologies. “While we expect to increase our sales and marketing activities through Equisoft’s worldwide network, our combined offering will facilitate a vertical integration among investment product manufacturers, insurance carriers, distributors, advisors and investors.”
More Integrated, Comprehensive Offering
Given the complementary capabilities of the two companies, the acquisition will enable Equisoft to provide a more integrated offering to the market through the addition of Kronos Technologies’ CRM component to its product line, according to Romero. “We see immediate opportunities for our clients, with the prospect of extending our comprehensive insurance and wealth offerings to provide financial professionals with a single integrated tool,” he comments. “We’ve always liked what Kronos did on the front end. They bring the missing pieces to our platforms. Their expertise will help Equisoft improve its user interfaces and overall user experience, and Kronos will gain international exposure through our client base in the USA and overseas. It’s a win-win for both companies.”