(Keal is based in Northern Greater Toronto. Photo credit: Kat Northern Lights Man.)
Vertafore (Bothell, Wash.) has acquired of Keal Technology (Concord, Ontario), a provider of insurance broker and commercial management systems. Vertafore characterizes the deal as one that expands its customer base into Canada.
“Keal’s products were built specifically for the Canadian marketplace,” comments Jeff Hawn, chairman and CEO, Vertafore. “As part of this acquisition, Keal will join Vertafore, but importantly, maintain its own brand and identity which have strong reputations and recognition in the Canadian market already. Together, we will bolster Keal’s growth efforts while helping them accelerate their market presence.”
Vertafore’s software is used by over 500,000 insurance professionals every day, using product such as the vendor’s AMS360 management system, Vertafore Agency Platform, Sagitta management system, and QQCatalyst agency management system. Vertafore has more than 45 years of deep industry expertise and is backed by TPG Capital—a leading global private investment firm with more than $70 billion of capital under management, a vendor statement notes.
“Our clients will now have the backing of the largest financial player in the industry,” comments Pat Durepos, president, Keal Technology. “The insurance industry is undergoing tremendous change. In times of uncertainty, working with the market leader brings stability to Keal and our over 16,000 broker users.”
Durepos, who invested in Keal in 1995 after previously running a successful brokerage, will work directly with Greg Wright, Senior Vice President of Agency and Carrier Solutions at Vertafore. Durepos will focus on specialized product development, driving growth in the Keal portfolio, and advocating for customers in the Canadian market.
Vertafore expects the acquisition of Keal Technology to close by the end of March 2016.
The acquisition of Keal Technology comes less than a year after Vertafore’s acquisition of QQSolutions, a Florida-based provider of cloud software to independent insurance agencies, and following over 250 product releases in 2015 across the Vertafore product portfolio, according to the vendor.