Ontario Teachers' to acquire digital insurance shopper Kanetix

Ontario Teachers' Pension Plan has agreed to acquire Kanetix Ltd, a Toronto-based insurance and financial technology company. No financial terms were disclosed. Founded in 1999, Kanetix operates a digital customer acquisition platform and marketplace that provides quote comparison search tools for insurance and other financial products. Ontario Teachers' also announced Igal Mayer will become the new president and CEO of Kanetix, replacing Andrew Lo. Kanetix was formerly a portfolio investment of U.S. private equity firm Monitor Clipper Partners (MCP). MCP acquired the business in September 2011.

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