NAQ Technology has acquired the BrokerPlus system from Lumley Technology.

Neil Law, Acting CEO of Lumley Technology, says the sale involved “a very careful review, ensuring that the interests of the client base and the continuing development of the product are protected”.

“NAQ has undertaken to look after the BrokerPlus clients and continue to invest in what is now a very competitive product.”

BrokerPlus is accredited for use on the Sunrise Exchange platform.

NAQ Technology COO Paul Adams says the company has “vertically focused” operations providing software and e-commerce solutions for the insurance and travel industries.

“The insurance market has been key to our development and will continue to be a major part of the group,” he said. “We are very familiar with the insurance market and recognised that BrokerPlus provides a great opportunity for NAQ to expand its services.”

Acknowledging early problems with the BrokerPlus software, Mr Adams says Lumley has made “tremendous progress with the product over the past 18 months”.

“We believe BrokerPlus is very competitive with other offerings in the market.”