New Brunswick-based Brovada acquired for $15M U.S.
Founder Karl Greenlaw will stay on with the company in a new managing role
A Rothesay-based software company has penned a multi-million dollar deal, hitting it big after years of hard work.
Karl Greenlaw, the founder and CEO of Brovada, quit his job managing a software company in 2003 to set up shop in his home.
"It was literally in my basement, and a lot of late hours, a lot of late nights," he said.
Greenlaw's wife Jennifer says those early days were stressful, and despite having faith he would succeed, the $15-million US sale to Towers Watson is still unexpected.
"At that time, it was just hoping that we could get the bills paid," she said.
An early angel investment from Saint John's Gerry Pond and his colleagues helped the Greenlaw's company to take off.
'These employees are our friends and family'
Brovada is essentially in the business of processing insurance.
"We essentially provide a mechanism for moving data between insurance brokerages and carriers, insurance companies. And internally, insurance companies moving data around there," Greenlaw said.
Greenlaw says over the years companies would come knocking at his door, looking to buy him out. But he says he was always looking for that right offer.
Brovada has expanded to include offices in Moncton and Toronto. Greenlaw says the people who work with him, and their ideas, are part of what he credits for the company's success.
That was why he wasn't willing to sell the business to just anyone.
"These employees are our friends and family for the most part, so it's important to us that whoever we found was the idea candidate to continue on with what we were doing and allow us to grow," he said.
Once the sale is finalized, Greenlaw will stay with his company in a new managing role. And the people he says helped make the company what it is will stay on board as well.