Equisoft provides technology solutions to the life insurance industry. Photo by Kevin Ku on Unsplash.

Canadian insurance technology vendor Equisoft has raised C$125m ($91.77m) in equity investment from new and existing investors.

New backers Investissement Québec and the government of Québec made a C$70m ($51.39m) investment in Equisoft.

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The remaining amount came from existing investors Export Development Canada (EDC) and Fondaction.

Set up in 1994, Equisoft plans to use the proceeds to support international expansion both organically and via acquisitions.

The funding will also be used for research and development to further build  Equisoft’s integrated life insurance software platform and wealth and investment management solutions.

Currently, Equisoft claims to serve more than 250 financial institutions across 17 nations.

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Besides its North American footprint, the business has been growing worldwide over the last five years with expansion in LATAM, the Caribbean, and Europe, the technology vendor added.

Equisoft CEO Luis Romero said: “We are honoured by the trust and funding from our long-time investors and are thrilled to welcome Investissement Québec and the government of Québec as new investment partners.

“Their focus on domestic and international growth is a great fit with our expansion strategy as we look to further develop our global footprint through continued investment in our people, our products and through international acquisitions.”

Investissement Québec president and CEO Guy LeBlanc said: “As global financial institutions race to digitally transform themselves to meet high customer expectations and to adapt to market changes, Equisoft has become a world leader.

“Investissement Québec is proud to support Equisoft’s initiative to accelerate the digital transformation of companies in their industry.”

On this transaction, RBC Capital Markets acted as Equisoft’s exclusive financial advisor.