London-based insurance software provider Acturis Group has acquired Zycomp Systems, a provider of broker software in Canada, for an undisclosed sum.
Headquartered in Vancouver Island, Zycomp broker system, Power Broker, is used by more than 820 broker sites across Canada and the Caribbean. The offering has a market share of around 30% in Canada.
The acquirer believes that the takeover of Zycomp will boost its footprint in Canada and the Caribbean. As per the agreement, Zycomp’s founders and key management will continue to work with 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 two Canadian brokers.”
Concurrently, Acturis has started deploying its SaaS platform in the Canadian market. Acturis SaaS Platform is an administration, distribution and underwriting platform which is used by insurance brokers and underwriters in the general insurance market.