Genworth Financial has entered into an agreement to acquire CareScout, a provider of long term care support services in the US, for $12.5 million.

Genworth Financial said that this acquisition strengthens its commitment to the senior market and supports its vision of delivering financial security to consumers.

In addition, integrating this long-time supplier into its long term care business allows Genworth to leverage the competencies and efficiencies of both organizations to realize cost savings.

Robert Bua, president and founder of CareScout, said: For the past 10 years, CareScout has experienced great growth. Now by joining with Genworth, a leader and innovator in long term care, we will have the opportunity to significantly expand our reach to the broader marketplace and help solve the long term care issues we face in the US.