Kingsway Financial Services has announced the acquisition of the privately-held company Ravix Financial Inc.
The purchase price was $11m (subject to customary adjustments) at close, with an additional $4.5m that could be paid over the next three years depending upon achievement of certain financial metrics.
Ravix is the first acquisition completed under Kingsway’s CEO Accelerator Program. The company, which is based in San Jose, California provides outsourced financial services and HR consulting for short or long duration engagements.
J.T. Fitzgerald, president and CEO, Kingsway, said: “I am excited to welcome the Ravix team to the Kingsway family of companies. Dan Saccani and team have built a leading company that has a solid reputation and loyal customer base.
“This is Kingsway’s first acquisition under its CEO Accelerator Program and I look forward to Timi Okah, our first CEO-in-residence, transitioning into the role of Ravix CEO over the next twelve months.”
Dan Saccani, founder and executive director of Ravix, added: “We are excited to join the team at Kingsway.
“This acquisition presents an excellent opportunity for Ravix to partner with an organization that shares our ideals of sustainable growth and reinvestment in people as we look to expand our presence both within Silicon Valley and beyond.”