Kingsway Financial buys Ravix for $11 million
ITASCA -- Kingsway Financial Services Inc. Monday announced the acquisition of a privately-held company, Ravix Financial Inc., based in San Jose, California.
The purchase price was $11 million, subject to customary adjustments at close, with an additional $4.5 million that could be paid over the next three years depending upon achievement of certain financial metrics, Kingsway said.
Ravix provides outsourced financial services and HR consulting for short- or long-duration engagements.
"We are excited to join the team at Kingsway," said Dan Saccani, founder and executive director of Ravix. "This acquisition presents an excellent opportunity for Ravix to partner with an organization that shares our ideals of sustainable growth and reinvestment in people as we look to expand our presence both within Silicon Valley and beyond."
Kingsway is a holding company that owns or controls subsidiaries primarily in the extended warranty, asset management and real estate industries.
"This is Kingsway's first acquisition under its CEO Accelerator Program and I look forward to Timi Okah, our first CEO-in-Residence, transitioning into the role of Ravix CEO over the next twelve months," said J.T. Fitzgerald, Kingsway president and CEO.