After a seven-month process, from roadshow to handshake, Emerging Information Systems Inc. (EISI), maker of NaviPlan financial planning software, closed the deal on its acquisition of Financial Profiles, Inc., developers of Profiles+, in August for an undisclosed amount of cash.
EISI, acquiring all of Financial Profiles’ assets, will run the firm as a new division, with plans to eventually merge the two software programs onto one platform, said Mark Evans, president, CEO, and founder of Winnepeg, Canada-based EISI: “But that’s going to take time and it’s not our number one priority.” The company said it will now have 300 employees and 120,000 licensed users.
EISI’s Evans first got word of Hanover Insurance’s plan to unload Financial Profiles in January, and sent a few of its people down to Carlsbad, California, Financial Profiles’ headquarters, for a closer look. They inked the deal a few short months later.
Evans promises that development of Profiles+ will remain with its “brain trust”– what he calls its product engineering team in California–and vows that both product lines will continue to be developed and supported, at least through the first quarter of 2007, when new upgrades for Profiles+ and NaviPlan are scheduled for release.
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