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Vertafore to Acquire Kaplan Compliance Solutions

Vertafore's wholly owned subsidiary Sircon will incorporate Kaplan's producer on-boarding compliance capabilities into its existing solution.

Vertafore, a provider of insurance distribution channel management solutions, announced that its wholly owned subsidiary Sircon has signed an agreement to acquire the assets of Kaplan Compliance Solutions (KCS, Indianapolis).

KCS, an operating unit of Kaplan University's School of Professional and Continuing Education (KU PACE), offers software and outsourcing solutions that streamline and automate the complex processes of on-boarding (such as producer contracting, securities registration, insurance licensing and appointing) and the producer and representative lifecycle (such as education tracking, renewal and data management), according to a Vertafore statement.

"The acquisition of KCS underscores our commitment to delivering services to carriers, broker-dealers and other financial institutions that allow them to efficiently manage their compliance risk while expanding their producer force and generating revenue more quickly," comments Euan Menzies, president and CEO of Vertafore. "We are committed to continuing full support of and investment in both KCS and Sircon products and look forward to providing the combined client base with an extremely robust and innovative solution. By integrating KCS into Sircon, Vertafore will provide all customers with the broadest, most comprehensive and proven best-in-class compliance solutions in the industry."

As part of the acquisition, KU PACE and Vertafore have entered into a joint marketing agreement whereby KU PACE will be a preferred education services provider for KCS/Sircon customers, allowing the organizations to bring to the market an integrated education/compliance solution, according to the Vertafore statement, which notes that the acquisition is expected to close late Q3 or early Q4 2011.

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio

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