Zywave, the leading provider of software-as-a-service (SaaS (News - Alert)) technology solutions for the insurance and financial services industries recently announced the successful acquisition of Canadian software firm, EISI. The financial details of the transaction were not disclosed.

Based in Winnipeg, Canada, EISI is a needs-assessment and financial planning software provider. EISI pioneered effective technology solutions for financial sales people, advisors and enterprises. Today, its flagship planning software, NaviPlan, and needs analysis tool, Profiles, are used by more than 250,000 financial professionals.

Zywave is an expert in software development, data analytics, and automation. Zywave’s product offering include Web-enabled marketing communications, business intelligence and analytics, agency automation, and needs-assessment and financial planning tools.

According to the company, Zywave’s solutions are used by more than 350,000 financial and insurance professionals, including 90 of the Top 100 U.S. insurance firms and dozens of the world's largest financial institutions.

In a press release, Zywave revealed that the company is committed to developing new and innovative ways to deliver even more value and accelerate growth for its financial planning and insurance broker clients alike. The acquisition of EISI will help the company to enhance its services and solutions for the financial market.

“Zywave's innovative approach and knowledge of the insurance brokerage world, combined with EISI's depth of experience in financial planning, will allow us to deliver an unmatched level of software-enabled business applications and support to firms looking to differentiate, optimize their business and succeed in today's market,” Bill Haack, founder and CEO of Zywave said while commenting on the acquisition.

Post-acquisition, EISI will be based in zywave’s corporate headquarters in Milwaukee, Wis. and offices in Winnipeg and Carlsbad, Calif., and operate under the Zywave name and executive management team.  The two firms’ combined software-as-as-a-service solutions are expected to be used by 2,500 insurance brokerages and 6,000 financial firms.  

11 of the top 25 banks in North America, 17 of the top 25 brokers, 3 of the top 5 Canadian insurance companies, 7 of the 10 largest U.S. life insurance companies and 90 of the top 100 U.S. insurance brokerages are going to use the joint solution, delivered by these two companies.

“It's an exciting new chapter for EISI customers. Zywave has a deep understanding of the market and will leverage its expertise to build on EISI's unique capabilities, long-standing customer relationships and differentiated solutions, making it a strong and positive fit,”   Dr. Mark Evans, founder of EISI noted in a statement.

Last month, EISI announced that its shareholders have reached a definitive agreement to sell EISI to Zywave, Inc.

A year ago, Zywave acquired Specific Software Solutions, a leading provider of workers' compensation software. This acquisition brought together two industry pioneers in the insurance brokerage software space. The combination offers a comprehensive set of software and service solutions to more than 2,500 brokerage firms and their customers.