British software-as-a-service insurance technology provider Acturis Group has announced the acquisition of Canada’s Zycomp Systems.
Zycomp are a provider of broker software to Canada and the Carribean. Acturis said the acquisition would assist its aims to expand globally, with the company having already started the process of deploying its SaaS platform in the Canadian market.
Steve Zylak, CEO of Zycomp said: “We are extremely pleased to join the Acturis Group and we feel that the combination of Zycomp and Acturis can have a significant impact on the Canadian Broker Software landscape. I have committed to stay on for a minimum of 5 more years to continue to develop the Power Broker system and to aid with the migration to the Acturis suite of products and to develop integrations between Power Broker and new Acturis products.”
Headquartered on Vancouver Island, Zycomp‘s Power Broker system is said to be one of Canada’s leading broker platforms, with a market share of 30%.
Theo Duchen, co-CEO of Acturis 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 2 Canadian brokers.”