New Brunswick’s Brovada Sold in $15 Million Deal
SAINT JOHN – Towers Watson (NASDAQ:TW), a global professional services company, is acquiring Rothesay-based Brovada in a deal valued at US$ 15.24 million.
Founded in 2003 Brovada is a technology company that offers solutions for the property and casualty (P&C) insurance sector. In addition to its Rothesay office, it also has operations in Moncton and Toronto.
Brovada’s investors include Gerry Pond’s East Valley Ventures.
“Joining Towers Watson will enable Brovada to accelerate the reach of our software into new markets and continue that growth,” said Karl Greenlaw, founder and CEO of Brovada
Towers Watson has 16,000 associates around the world. It offers consulting, technology and solutions in the areas of benefits, talent management, rewards, and risk and capital management.
“Brovada is a dynamic organization that has developed an exciting technology that will fit well with Towers Watson’s portfolio of software,” said Eric Speer, global leader for Towers Watson’s Risk and Financial Services business segment. “The addition of the BrovadaOne platform will enable us to offer insurers a broader suite of products via software-as-a-service and cloud-based technologies.”