ARLINGTON, Va.--(BUSINESS WIRE)--Towers Watson (NASDAQ:TW), a global professional services company, announced the completion of its acquisition of Brovada, a Canadian technology provider for property & casualty (P&C) insurers and brokerages. The acquisition will enhance Towers Watson’s capabilities across its portfolio of software targeted at the P&C market.
“Brovada’s capabilities around portals, market connectivity, data movement and legacy system integrations dovetail extremely well with our existing analytical and software solutions for insurers,” said Eric Speer, global leader for Towers Watson’s Risk and Financial Services business segment. “Brovada will allow us to expand our solutions, enabling us to offer insurers a broader suite of products via software-as-a-service and cloud-based technologies.”
Brovada will operate as a separate unit within the company’s Risk Consulting and Software business, part of its Risk and Financial Services business segment. Brovada’s founder and CEO, Karl Greenlaw, will continue to lead the Brovada team.
“We’re very excited to join Towers Watson and help sustain its mission in providing high-value advisory services and solutions to the insurance industry and related sectors,” said Greenlaw. “Most importantly, our values are aligned. Both organizations share the same laser focus on clients and the ability to move the market forward through innovative solutions and technology.”
About Towers Watson
Towers Watson (NASDAQ: TW) is a leading global professional services company that helps organizations improve performance through effective people, risk and financial management. With 16,000 associates around the world, the company offers consulting, technology and solutions in the areas of benefits, talent management, rewards, and risk and capital management. Learn more at towerswatson.com.
About Brovada
Brovada specializes in connectivity, integration and business process improvement for P&C insurance carriers, managing general agents, and insurance brokers and agencies. Our capabilities include portals, policy and claim system conversions and integrations, book portfolio transfers, and upload and download. As the leader in P&C connectivity, we are committed to transforming the way the insurance industry does business. Learn more at http://canada.brovada.com.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements and other forward-looking statements in this document by words such as "may," "will," “would,” "expect," "anticipate," "believe," "estimate," "plan," "intend," "continue" or similar words, expressions, or the negative of such terms or other comparable terminology. These statements include, but are not limited to, the benefits of the business combination transaction involving Towers Watson and Willis Group, including the combined company’s future financial and operating results, plans, objectives, expectations and intentions, and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of Towers Watson’s and Willis Group’s management, and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements.
The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the ability to obtain governmental approvals of the transaction on the proposed terms and schedule; the failure of Towers Watson stockholders and Willis Group shareholders to approve the transaction; the failure of the transaction to close for any reason; the risk that the businesses will not be integrated successfully; the risk that anticipated cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; the potential impact of the announcement or consummation of the proposed transaction on relationships, including with employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; significant competition; compliance with extensive government regulation; the combined company’s ability to make acquisitions and its ability to integrate or manage such acquired businesses. Additional risks and factors are identified under "Risk Factors" in Towers Watson’s annual report on Form 10-K filed on August 14, 2015, and under "Risk Factors" in the joint proxy statement/prospectus filed on August 27, 2015, each of which is on file with the Securities and Exchange Commission.
You should not rely upon forward-looking statements as predictions of future events because these statements are based on assumptions that may not come true and are speculative by their nature. Neither Towers Watson nor Willis Group undertakes an obligation to update any of the forward-looking information included in this document, whether as a result of new information, future events, changed expectations or otherwise.