Global professional services firm Towers Watson has signed an agreement to acquire Canadian insurance technology business, Brovada, for around $15.24m.
The acquired business is expected to enhance Towers Watson’s capabilities in providing insurance software services.
Towers Watson risk and financial services business segment global leader Eric Speer said: "Brovada is a dynamic organization that has developed an exciting technology that will fit well with Towers Watson’s portfolio of software."
Established in 2003, Brovada has developed a BrovadaOne platform, which allows integrating and automating interactions between insurers and their agents and brokers.
The firm is specialized in connectivity, integration, and business process improvement for property & casualty (P&C) insurance carriers, managing general agents, and insurance brokers and agencies.
Its capabilities comprise portals, policy and claim system conversions and integrations, book portfolio transfers, and upload and download.
Brovada founder and CEO Karl Greenlaw said: "Joining Towers Watson will enable Brovada to accelerate the reach of our software into new markets and continue that growth."
According to Towers Watson, the deal is expected to complete in the coming weeks.
Towers Watson provides consulting, technology and solutions in the areas of benefits, talent management, rewards, and risk and capital management.
In July this year, Willis Group signed an agreement to combine with Towers Watson in an all-stock merger of equals transaction valued at about $18bn.