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Winnipeg, MB, Canada (August 31, 2006):
Emerging Information Systems Inc. (EISI), developer of NaviPlan
financial planning software, today announced its acquisition of
Financial Profiles, Inc., from The Hanover Insurance Group, Inc.
(NYSE: THG).
Effective today, EISI, through its wholly-owned
subsidiary, Emerging Information Systems (USA), Inc., has acquired
all the stock of Financial Profiles, Inc. and, as such, has assumed
full control of Financial Profiles operations and underlying
technology, including the Profiles+ product line, the Matrix
integration/consolidation framework, and the Wealth Insight platform.
EISI, as the parent company, will continue to develop and fully
support both the NaviPlan and Profiles+ product lines, maintaining
operations in Winnipeg, Manitoba and Carlsbad, California.
As a united entity, we will draw upon
our unrivaled scale and resources to offer financial services firms
broader wealth management solutions and stronger support programs,
said Dr. Mark Evans, President and CEO, EISI. Clients of both
product lines will benefit from our combined expertise.
The acquisition brings together the industrys
two leading financial planning software developers. The corporate
group has approximately 300 employees and 120,000 users making
it, by far, the largest vendor in North America. According to the
Celents May 2006 report, Ranking the Vendors of Wealth Management
Technology, EISI and Financial Profiles are among the top four vendors
in the advanced technology, customer base,
and depth of client services categories.
This is a winning combination for
EISI, Financial Profiles, and our customers, said Jim McClafferty,
President and CEO, Financial Profiles. He added, Financial
service firms as well as their advisors and brokers will now be
able to leverage the industrys best planning and advice solutions
from one platform. Both companies bring state-of-the-art technology
and a keen understanding of the marketplace to this relationship.
We have unique strengths but we share a client-centric approach
to developing solutions.
Details on the terms and conditions of the
transaction were not released.
About Financial Profiles
Founded in 1969, Financial Profiles,
Inc. develops fully-integrated financial planning software, Internet
services, and training and support programs for more than 50,000
financial professionals. The companys employees are located
in Carlsbad, California. Prior to the acquisition, Financial Profiles
was a subsidiary of The Hanover Insurance Group, Inc., a Worcester,
Massachusetts-based holding company for a group of insurers that
includes The Hanover Insurance Company, also based in Worcester,
Citizens Insurance Company of America, headquartered in Howell,
Michigan, and their affiliates. For more information on Financial
Profiles and its products, visit www.profiles.com.
About EISI
Founded in 1990, EISI is a privately-held
company that develops NaviPlan financial planning software solutions
for more than 70,000 licensed financial professionals in Canada
and the USA. The companys employees are primarily located
in Winnipeg, MB, Canada. For more information on EISI and NaviPlan,
visit www.naviplan.com.
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