Mergers & Acquisitions

Mergers & Acquisitions

August 24, 2011

Vertafore's Subsidiary Acquires Securities Software Provider KCS

Insurance agency technology vendor Vertafore has announced that its subsidiary Sircon will acquire insurance and securities software provider Kaplan Compliance Solutions (KCS).

Indianapolis, Indiana-based KCS –– an operating unit of Kaplan University’s School of Professional and Continuing Education (KU PACE) –– offers services for producer contracting, securities registration, insurance licensing and appointing, education tracking, renewal and data management.

The acquisition is expected to close in late third or early fourth quarter 2011, and is subject to customary closing conditions. Neither company has given financial details of the deal.

KU PACE and Vertafore have also entered into a joint marketing agreement, and under which KU PACE will become a preferred education services provider for KCS/Sircon customers.

Bothell, Washington-based Vertafore says the acquisition helps its clients reduce compliance risk and focus on their core competencies. Vertafore says it has 17,000 customers and 500,000 users.

Euan Menzies, president and CEO of Vertafore, said the acquisition of KCS helps carriers, broker-dealers and other financial institutions efficiently manage their compliance risk while expanding their producer force and generating revenue more quickly.

“This acquisition is mutually beneficial for KCS and Vertafore’s Sircon business because it brings to the market a comprehensive and complementary set of compliance and education capabilities,” said Dr. Andrew Temte, CFA, president of KU PACE.

According to analysts, KCS securities functionality and business process outsourcing (BPO) capabilities combined with the real-time competencies of the Sircon business are the ingredients for innovation that will propel productivity gains for the entire compliance community.

Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO West 2011, taking place Sept. 13-15, 2011, in Austin, Texas. ITEXPO (News - Alert) offers an educational program to help corporate decision makers select the right IP-based voice, video, fax and unified communications solutions to improve their operations. It's also where service providers learn how to profitably roll out the services their subscribers are clamoring for – and where resellers can learn about new growth opportunities. To register, click here.

Narayan Bhat is a contributing editor for TMCnet. To read more of Narayan’s articles, please visit his columnist page.

Edited by Rich Steeves

blog comments powered by Disqus

FREE eNewsletter

Financial Technology Industry News