Vertafore, a Bothell, Wash.-based technology company that focuses on the insurance industry, said Monday that it has reached an agreement to acquire Keal Technology, a Canada-based maker of commercial-management software.
The acquisition raises Vertafore’s international profile and provides it with software tailor-made for the Canadian market, the companies said in a press release. Vertafore, one of the biggest software makers in the Seattle area, did not disclose financial terms of the agreement.
The acquisition is expected to close by the end of the month.
“Keal’s products were built specifically for the Canadian marketplace,” Hawn said in a statement. “As part of this acquisition, Keal will join Vertafore, but importantly, maintain its own brand and identity which have strong reputations and recognition in the Canadian market already. Together, we will bolster Keal’s growth efforts while helping them accelerate their market presence.”
Vertafore, a company that has been around in various iterations since 1969, says its user base includes more than 500,000 insurance professionals. The company employs 1,300, including 72 who are joining from Keal Technology.