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.

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