Kingsway Financial forms VMS, acquires Systems Products International

Kingsway Financial Services announced the formation of Vertical Market Solutions and the acquisition of the privately-held vertical market software company Systems Products International. This acquisition is the fourth acquisition completed under the Kingsway Search Xcelerator Program. Operator-in-Residence Drew Richard will be transitioning into the day-to-day operating role as CEO of SPI following the transaction. SPI, based in Miami, Florida, is a preferred partner in the development of software products, created exclusively to serve the management needs of all types of shared-ownership properties. The SPI platform includes a comprehensive set of modules with software solutions that cover the entire vacation ownership enterprise: sales, property management, loan servicing, receivables management, integrations, and mobile applications. Even after taking into consideration the anticipated effects of purchase accounting, Kingsway expects the acquisition to be immediately accretive and provide uplift to its recurring revenue base. The closing purchase price was paid in cash.