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India’s Mphasis To Acquire US-based Wyde Corp

By Reuters

  • 01 Aug 2011

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.

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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.

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"...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.

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