Sterling Brokers acquired Lucite, an AI platform for Canadian benefits brokers. Sterling is a Toronto-based employee benefits brokerage and third-party administrator. The deal brings Lucite's technology and administration services to independent brokers across Canada.
What the deal includes
Lucite automates data extraction, quote preparation, renewals, and client reporting. Sterling was an early partner and one of Lucite's largest customers before the acquisition. Independent brokers now gain automated carrier quoting once limited to large multinational firms.
Company background
Sterling Brokers was founded in 2014 and is headquartered in Toronto. It operates as a Canadian employee benefits brokerage and third-party administrator. Lucite was founded in 2024, is based in New York City, and is backed by Y Combinator and Outbound Capital.
What brokers get
The expanded platform combines Sterling's proprietary third-party administration software with Lucite's AI analytics and reporting. Lucite's platform is already used by over 45 brokers serving more than 20,000 clients across Canada. Sterling's TPA platform is now available to independent brokers for the first time.
Jason Spector, co-founder and CEO of Lucite, will continue to lead the expanded offering at Sterling. Lucite's founders bring AI experience from Datadog, Meta, and SpaceX. Sterling's in-house platforms also integrate with HR and payroll systems.