Acturis Group, a UK-based software as a service (SaaS) provider of insurance technology solutions, has acquired Canadian broker software firm Zycomp Systems.
The acquisition is expected to increase the presence of Acturis in Canada and the Caribbean region.
Established in 1992, Zycomp offers software for brokers. Its broker system, Power Broker, is claimed to be a leading broker platforms in the Canadian broker market and is touted to have a market share of around 30%. The company’s solutions are used by more than 820 broker sites across Canada and the Caribbean.
Upon closing of the deal, the founders and key management, who have been with the company for the last 27 years, will continue to involve full time in the group.
Acturis co-CEO Theo Duchen said: “We have been actively engaged in expanding our footprint beyond the UK, having successfully entered the German market some years ago.
“We have been interested in the Canadian market for some time, and we believe that the time is perfect for a new entrant to enter the market, with broker interest evident and with a unique opportunity to partner with the best local company in the market – a company with an excellent reputation and solidity which we have admired for some time.
“This unique combination will provide brokers with real choice and the best of both worlds: continued support and development of the Power Broker platform, and the ability to transition to the most modern insurance broker SaaS platform in the world which is already going live with its first 2 Canadian brokers.”
Founded in 2000 by David McDonald and Theo Duchen, Acturis in the past 19 years has grown to more than £70m in revenues in 2017 and has a workforce of over 600 across five countries, with customers in more than 40 countries around the world.
The company includes NIS, Acturis Deutschland and ICE InsureTech.
NIS offers software solutions to the travel insurance, assistance and health insurance markets with customers in more than 40 countries.
Acturis Deutschland offers comparative rating tool in the German insurance market and provides broker administration services and trading software in the country.
ICE InsureTech is a software platform for insurers, managing general agents and claims administrators, emphasizing on connected insurance and IoT.