Acquisition expands Towers Watson’s insurance technology offerings
ARLINGTON, Va.--(BUSINESS WIRE)--Sep. 14, 2015--
Towers Watson (NASDAQ:TW), a global professional services company,
announced it has signed a definitive agreement to acquire Brovada, a
Canadian insurance technology business. The acquisition will enhance
Towers Watson’s position as a leading insurance software provider.
Brovada focuses on streamlining the communications between insurance
agents and brokers, and property & casualty insurance carriers, and
provides a connectivity platform easily integrated with both modern and
legacy policy administration systems to allow for seamless transactions.
“Brovada is a dynamic organization that has developed an exciting
technology that will fit well with Towers Watson’s portfolio of
software,” said Eric Speer, global leader for Towers Watson’s Risk and
Financial Services business segment. “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.”
Founded in 2003, Brovada is well known for the BrovadaOne platform,
which provides a complete solution for integrating and automating
interactions between insurers, and their agents and brokers. Brovada is
headquartered in Rothesay, New Brunswick, Canada, with additional
offices in Moncton and Toronto.
“We have experienced strong growth at Brovada by providing great
software with a strong customer focus. Joining Towers Watson will enable
Brovada to accelerate the reach of our software into new markets and
continue that growth,” said Karl Greenlaw, founder and CEO of Brovada.
“Additionally, our two firms have a common commitment to excellent
client service and innovation that will benefit both our clients and
employees.”
The purchase price is $15.24 million USD and the transaction will have
no material impact to fiscal year 2016 earnings. The transaction is
expected to close in the coming weeks.
About Towers Watson
Towers Watson (NASDAQ: TW) is a leading global professional services
company that helps organizations improve performance through effective
people, risk and financial management. With 16,000 associates around the
world, the company offers consulting, technology and solutions in the
areas of benefits, talent management, rewards, and risk and capital
management. Learn more at towerswatson.com.
About Brovada
Brovada specializes in connectivity, integration, and business process
improvement for property & casualty (P&C) insurance carriers, managing
general agents, and insurance brokers and agencies. Our capabilities
include portals, policy and claim system conversions and integrations,
book portfolio transfers, and upload and download. As the leader in P&C
connectivity, we are committed to transforming the way the insurance
industry does business. Learn more at http://canada.brovada.com/.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. You can identify
these statements and other forward-looking statements in this document
by words such as "may," "will," “would,” "expect," "anticipate,"
"believe," "estimate," "plan," "intend," "continue" or similar words,
expressions, or the negative of such terms or other comparable
terminology. These statements include, but are not limited to, the
benefits of the business combination transaction involving Towers Watson
and Willis Group, including the combined company’s future financial and
operating results, plans, objectives, expectations and intentions and
other statements that are not historical facts. Such statements are
based upon the current beliefs and expectations of Towers Watson’s and
Willis Group’s management and are subject to significant risks and
uncertainties. Actual results may differ from those set forth in the
forward-looking statements.
The following factors, among others, could cause actual results to
differ from those set forth in the forward-looking statements: the
ability to obtain governmental approvals of the transaction on the
proposed terms and schedule; the failure of Towers Watson stockholders
and Willis Group shareholders to approve the transaction; the failure of
the transaction to close for any reason; the risk that the businesses
will not be integrated successfully; the risk that anticipated cost
savings and any other synergies from the transaction may not be fully
realized or may take longer to realize than expected; the potential
impact of the announcement or consummation of the proposed transaction
on relationships, including with employees, suppliers, customers and
competitors; changes in general economic, business and political
conditions, including changes in the financial markets; significant
competition; compliance with extensive government regulation; the
combined company’s ability to make acquisitions and its ability to
integrate or manage such acquired businesses. Additional risks and
factors are identified under "Risk Factors" in Towers Watson’s annual
report on Form 10-K filed on August 14, 2015, and under "Risk Factors"
in the joint proxy statement/prospectus filed on August 27, 2015, each
of which is on file with the Securities and Exchange Commission.
You should not rely upon forward-looking statements as predictions of
future events because these statements are based on assumptions that may
not come true and are speculative by their nature. Neither Towers Watson
or Willis Group undertakes an obligation to update any of the
forward-looking information included in this document, whether as a
result of new information, future events, changed expectations or
otherwise.
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Source: Towers Watson
Towers Watson Media
Josh Wozman, +1 703 258 7670
josh.wozman@towerswatson.com
or
Towers
Watson Investor Relations
Aida Sukys, +1 703 258 8033
aida.sukys@towerswatson.com