U.S. software giant Vertafore’s acquisition Monday of leading Canadian provider of broker and commercial management systems Keal Technology is set to yield benefits for brokers. “It’s a gamechanger, though Vertafore isn’t changing our company,” says Keal president Pat Durepos, “We’ll have the financial backing of Vertafore to really be a long-term player in the industry.”
Durepos promises the best of both worlds for its clients, who will be able to do business with “a company that is focussed the way Canadian brokers operate” backed by Vertafore, which has the largest customer base in the industry.
The Ontario-based company has already accomplished “quite a bit” since the year 2000 growing from 4,000 users to over 16,000 users currently -- says Durepos, including developing a suite of products that he says is “the best in the Canadian marketplace. Our products were developed solely for the way Canadian brokers do business. We’re very proud of that.”
Vertafore Chairman and CEO Jeff Hawn echoes this sentiment, saying that Keal is to “maintain its own brand and identity which have strong reputations and recognition in the Canadian market already. Keal's products were built specifically for the Canadian marketplace. Together, we will bolster Keal’s growth efforts while helping them accelerate their market presence."
The acquisition of Keal is the first step in “going global” for Vertafore, says Greg Wright, SVP of Agency and Carrier Solutions.
Vertafore boasts the largest customer base in the industry, including agencies, carriers, MGAs, MGUs and over half the U.S. state regulatory agencies.
“In a nutshell,” says Durepos, “the team is going to work as hard as they have always done, but that hard work is going to yield more in two years than we could have done alone in the next five, six, or seven years. We’re doing what’s right today for our team, for our loyal clients, and for the prospects out there in the marketplace.”
The acquisition is expected to close by the end of this month.
