Indian software services provider Mphasis Ltd said on Monday it has signed a pact to acquire US-based software vendor Wyde Corp, which is the Bangalore-based co’s second investment in the insurance sector.
Post acquisition, Wyde, which has over 200 employees with insurance domain expertise, would operate as a product business of Mphasis, the Indian firm said in a statement.
Financial details of the transaction were not immediately provided.
Wyde’s revenue was over $30 million in 2010, its website showed.
“The acquisition demonstrates our focus on strategy execution,” Ganesh Ayyar, chief executive officer, Mphasis, said in a statement.
The mid-sized Indian software firm had acquired AIG Software Systems in 2009, its first buy in the insurance space.
“…Mphasis will provide Wyde access to new markets and scale to provide implementation and integration services to our clients,” Pierre Barberis, chairman of board of directors, Wyde, said in a statement.
Credit Agricole CIB, Goodwin Procter LLP, Nishith Desai Associates and SJ Berwin advised Mphasis on the deal.
At 9:57 a.m., shares of Mphasis, valued at Rs 94.2 billion, were trading at Rs 450.25, up .97 per cent in a firm Mumbai market.