Industries Insurance

Towers Watson to acquire insurance technology business for $15.24 million

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Arlington-based Towers Watson, a publicly traded professional services company, plans to acquire Brovada, a Canadian insurance technology business, for $15.24 million.

Towers Watson said the deal would enhance its position as an insurance software provider.

Founded in 2003, Brovada focuses on streamlining communications between insurance agents, brokers and carriers.

“Brovada is a dynamic organization that has developed an exciting technology that will fit well with Towers Watson’s portfolio of software,” Eric Speer, global leader for Towers Watson’s Risk and Financial Services business segment, said in a statement.“

Brovada is based in Rothesay, New Brunswick, with offices in Moncton and Toronto.

The deal is not expected to have a material impact on Towers Watson’s 2016 earnings. The acquisition is expected to close in coming weeks.

Towers Watson has 16,000 employees offering consulting, technology and solutions in the areas of benefits, talent management, rewards, and risk and capital management.

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