Hubio Exchange has announced that the terms of a management buyout have been finalized and will close on December 31.

Under terms of the deal, Keal Technology president Pat Durepos will become a shareholder in the newly incorporated acquirer, “10503070 Canada Inc.,” operating as Hubio Technology.

The company states that it connects property and casualty insurers to the outside world, communicating with brokers, policyholders, and third parties through technology. 

Durepos said the large market potential for the company’s regulatory reporting solutions, combined with the proven broker connectivity solution drew him to invest in the buyout.

“The faith I have in the talented senior management and overall team was extremely important for me. I am so pleased to have the opportunity to work with this group of expert individuals,” he added. 

Meanwhile, Hubio Technology investor Phil Henville will become president and CEO. The firm said he will lead the company as it focuses on core solutions including an insurtech digital platform, connectivity solutions with insurers, brokers and third-party data sources, regulatory reporting and data management.