Towers Watson to acquire Brovada for US$15.24 million, move to expand insurance technology offerings

Global professional services company Towers Watson announced Monday that it has signed a definitive agreement to acquire Brovada, a Canadian insurance technology firm, for US$15.24 million.

Towers Watson reports that the transaction, expected to close in the coming weeks, will have no material impact to the firm’s fiscal year 2016 earnings. Brovada is headquartered in Rothesay, New Brunswick, with additional offices in Moncton and Toronto.

The acquisition will expand Towers Watson’s insurance technology offerings, the company reports, as well as “enhance the company’s position “as a leading insurance software provider.”

Noting that Brovada provides a connectivity platform easily integrated with both modern and legacy policy administration systems to allow for seamless transactions, Towers Watson reports that the platform will fit well with its portfolio of software, says Eric Speer, global leader for Towers Watson’s Risk and Financial Services business segment. The BrovadaOne platform provides a complete solution for integrating and automating interactions between insurers, and their agents and brokers.

“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,” Speer adds.

“Joining Towers Watson will enable Brovada to accelerate the reach of our software into new markets and continue that growth,” says Karl Greenlaw, founder and CEO of Brovada (pictured, right).

At the end of June, Willis Group Holdings and Towers Watson announced the signing of a merger agreement worth about US$18 billion. The signing of the definitive merger agreement was unanimously approved by the board of directors of each company.

The combined company upon closing of the transaction, expected by Dec. 31, will be named Willis Towers Watson.

The combined company, an integrated global advisory, broking and solutions provider that will serve a broad range of clients in existing and new business lines, will have about 39,000 employees in more than 120 countries.