Emerging Information Systems Inc., the developer of NaviPlan financial planning software, announced it will acquire rival financial planning software developer Financial Profiles Inc.
Financial terms of the deal were not disclosed. Financial Profiles had been owned by Worcester, Mass.-based holding company Hanover Insurance Group Inc.
Financial Profiles products include the Profiles+ line, the Matrix integration/consolidation framework and the Wealth Insight platform. EISI has said that it will continue to develop and fully support both the NaviPlan and Profiles+ products, maintaining its Canadian operations in Winnipeg, as well as Financial Profiles' employee center in Carlsbad, Calif.
The acquisition brings together two of the industry's leading financial planning software developers. The corporate group has approximately 300 employees and 120,000 users - making it one of the largest vendors in North America.
Founded in 1990, EISI is a privately held company whose NaviPlan software is used by more than 70,000 financial professionals in Canada and the United States.
