- Peak Fintech (PKK) has acquired all the assets of Huayan Kun Tai Technology
- Huayan Kun Tai Technology provides various software as a service (SaaS) solutions to insurers and insurance brokers in China
- Huayan provides its solutions primarily through its proprietary Heartbeat insurance product management and brokerage platform
- Users pay a subscription fee to access the services plus a commission-related service fee when applicable
- Peak Fintech is down 10.47 per cent, trading at $11.29 at 2:36 pm ET
Peak Fintech (PKK) has acquired all the assets of Huayan Kun Tai Technology.
Huayan Kun Tai Technology is a private company that provides various software as a service (SaaS) solutions to insurers and insurance brokers in China.
Huayan provides its solutions primarily through its proprietary Heartbeat insurance product management and brokerage platform.
Users pay a subscription fee to access the services plus a commission-related service fee when applicable.
All of Huayan's assets, including the Heartbeat platform, its employees and its operations will be transferred to Peak's Xinxiang Technologies Ltd.
Peak has an opportunity to introduce its analytics and AI capabilities to the sector and simultaneously add significant value to its Business Hub. By gaining entry to the insurance industry through the acquisition of the Heartbeat platform and integrating it to the Business Hub, Peak believes it's in a better position than ever to continue to influence various aspects of B2B transactions in China.
"The Business Hub is simply the future of B2B related transactions in my opinion. Regardless of the products or services you offer, if you are a business selling to other businesses, the idea of being part of a network that uses data and AI to find and match you with clients eliminates cash flow issues and generally helps you be more efficient is a very compelling proposition. I also commend the Company for continuing to listen to the needs of the Hub's members to bring them the solutions they've asked for to help their businesses thrive. It's that dedication to the success of its members and the constant pursuit to do better for them that has led to this transaction between our two entities and one of the many reasons we're so excited to be joining the Peak family.
From an operational standpoint, we believe that pairing the Business Hub's analytical and AI capabilities with the Heartbeat platform will allow us to improve our existing product offering, attract new members and users, and even work with insurers to develop new products specific to certain industries, all of which should bring a whole new dimension to the Business Hub and increase its impact on B2B transactions in China," said Huayan CEO Kai Cui.
The cash and stock deal is valued at $31 million.
Peak Fintech is down 10.47 per cent, trading at $11.29 at 2:36 pm ET.