FirePower Capital (“FirePower”), Canada’s entrepreneurial investment bank for the lower mid-market, is pleased to announce it acted as the exclusive advisor to BNOTIONS, an award-winning mobile strategy and data analytics firm, with regard to its acquisition by Symbility Solutions Inc. (“Symbility”), a global leader developing software applications for the insurance industry.
“As insurance products are increasingly looking to innovate and deepen their offerings such as delivering home and auto maintenance, or converging health and pharma care with fitness, the union of BNOTIONS proficiency in both technology and user experience design with Symbility’s subject matter insurance knowledge is powerful,” commented Paul Crowe, CEO of BNOTIONS.
“The combination of BNOTIONS’ expertise and Symbility’s mobile and video collaboration technology create tremendous value for our customers as they pursue new methods to grow their business through innovation,” said James Swayze, CEO of Symbility Solutions.
Alkarim Nasser, founder of BNOTIONS engaged FirePower in 2014 to accurately package the business, identify strategic buyers and lead the proposition to find a new home for BNOTIONS within a larger entity. FirePower brought many strategic parties to the table, but ultimately Symbility proved to have the best vision for the next chapter of BNOTIONS. “We have been extremely impressed by the efforts of FirePower Capital in helping us identify a partner the team is excited to join forces with. Their support in managing the entire M&A process let our management team focus on building the business rather than being over burdened with getting the deal done. We sincerely thank FirePower for their hard work,” said Alkarim on the closing of the transaction.
FirePower structured a deal comprising of cash, shares and options for a total consideration of approximately $5 million. The BNOTIONS brand will continue to exist and they will operate as a wholly-owned subsidiary of Symbility.
About FirePower Capital
FirePower Capital is Canada’s entrepreneurial investment bank and focuses exclusively on advising private lower mid-market companies in Canada on their strategically important M&A and non-dilutive capital financing transactions. FirePower Capital is based in Toronto. To learn more: www.firepowercapital.com
About BNOTIONS Inc.
BNOTIONS is an award winning mobile, data and analytics firm. As the partner of choice for organizations with the desire to disrupt, BNOTIONS delivers large and complex deployments while retaining a boutique approach to best-in-breed quality and agility. Our proprietary methodology delivers measurable, effective, data-driven product innovation, from strategy to launch and beyond. Put simply, BNOTIONS enables organizations of any size to think and act like a startup. Learn more at www.bnotions.com
About Symbility Solutions Inc.
Symbility Solutions (TSX.V:SY) is a global provider of cloud-based and smartphone/tablet-enabled claims technology for the property and health insurance industries. Designed to be flexible and easy-to-use, Symbility Solutions’ two product suites, Symbility Property and Symbility Health, empower insurers to collaborate across the entire claims processing workflow and reduce costs while delivering market-leading claims experience. For more information, please visit www.symbilitysolutions.com
For more information, please contact:
Ilan Jacobson, MBA
President & CEO