Antares Management Solutions announced today the acquisition of GeniSys, a life-insurance business process outsourcing firm headquartered in Toronto, Ontario, Canada.
The transaction will allow Antares to diversify and enhance its product line while expanding business into new markets. Details of the purchase were not revealed.
"Antares has grown to the point where we can now look at opportunities to expand," said Ed Hartzell, Antares' chief executive officer. "This purchase is going to provide us the opportunity to grow our business even further to the point of adding more jobs in the communities we serve."
GeniSys provides business process outsourcing primarily to Canadian life insurance companies. After the transition is complete, there will be 80 workers employed in the Toronto office, consisting of computer technicians, underwriters, customer service representatives and a sales force.
In addition to providing information technology outsourcing to small to medium-sized companies, Antares also provides business process outsourcing, primarily for health insurance companies.
"GeniSys has an excellent reputation for servicing the life insurance industry," said Hartzell. "Combining that reputation with our expertise in health insurance will bolster our product line in a way that will provide our customers and prospects with even more opportunities to focus on their core business while we take care of their technology and processing needs."
With annual revenue of $11 million, GeniSys will continue to operate under the same name under its current leadership. The purchase will bring Antares' annual revenue to $81 million with more than 600 employees. Antares has Ohio offices in Westlake, where it is headquartered, downtown Cleveland, Beachwood, Strongsville and Toledo. It also has an office in Parkersburg, West Virginia.
Founded in 1997, Antares Management Solutions originally provided computer systems and administrative services to small health insurance companies. It has since evolved to offer a much more diversified product line, which not only includes information technology, but also business processing, to companies in a variety of industries.
"Our customer base and products have grown with the company. The acquisition of GeniSys will allow us to diversify even more, providing us with the opportunity for future financial success," Hartzell added.