Delphi Information to Buy Michigan Company

Delphi Information Systems Inc., a Westlake Village provider of computer systems to the insurance brokerage industry, said it will acquire Continental Systems Inc., a Michigan-based supplier of software to insurance firms.

Delphi said it will buy all of Continental’s stock in exchange for about 446,000 shares of Delphi common stock, which has been trading recently at about $7 per share. At that price, the acquisition would be valued at about $3.1 million.

Continental, based in East Lansing, Mich., has 50 workers, and it reported a loss of $125,000 on revenue of $2.1 million for the nine months that ended Sept. 30. By comparison, Delphi earned $526,000 on sales of $25 million during the six-month period that ended Sept. 30. Continental is the fourth company that Delphi has acquired in the last three months.