QUEBEC CITY — iA Financial Corp. Inc., the holding company of Quebec City-based iA Financial Group, announced it has entered an agreement to acquire IAS Parent Holdings Inc. and its subsidiaries for $720 million.
Founded more than 35 years ago and based in Austin, Texas, IAS counts more than 600 employees and 4,300 dealers in all 50 states.
“We’re excited to become a part of the iA family once the transaction closes sometime in the first half of 2020. Our team has worked hard the last few years to expand our products and services beyond just ancillary coverages and now have an expanded suite of solutions to help our partners grow their profitability and customer retention,” Patrick Brown, president and CEO of IAS, told F&I and Showroom. “As part of a publicly traded C$7B market cap company that’s been in business since 1892, we look forward to serving our partners and clients for decades to come.”
“We look forward to this new chapter in our U.S. expansion with great optimism.”
iA executives said the acquisition is highly complementary to the Canadian company’s existing operations in the U.S. with respect to product suite, distribution networks, and geographic scope.
“We look forward to this new chapter in our U.S. expansion with great optimism, combining IAS with our already well-established presence in the United States and leveraging our strong track record in dealer services in Canada,” said Mike Stickney, chief growth officer of iA Financial Group and head of the company’s U.S. operations since 2005. “This acquisition expands our customer offering by bringing an end-to-end product suite and omni-channel distribution, as well as reinforcing our national breadth. Along with the high-quality senior management of IAS who will be joining our organization, we will have the platform to pursue our growth strategy in the vehicle warranty market in the United States.”
Originally posted on F&I and Showroom