Mid-size IT services company Mindtree Ltd is acquiring US-based insurance related IT solutions provider Discoverture Solutions LLC, for $15 million, as per a stock market disclosure. This acquisition is an all cash transaction, payable over 18 months and is subject to customary closing conditions and approvals.
As per the agreement, Mindtree will also purchase specified assets of its Indian venture Discoverture Solutions India.
Founded in 2002, Discoverture is headquartered at Scottsdale. The firm has subsidiaries in the UK, Canada and India.
"We are excited to be part of the Mindtree team and add our technology and expertise to its large and growing insurance practice. As part of Mindtree, we can now engage our proven skills and technology with its full service capabilities to deliver greater value to insurance clients," said Steve Addair, president, Discoverture.
"We continue to successfully implement our strategy of establishing deep expertise in our targeted industry sectors. This acquisition accelerates our journey to be amongst the top 3 service providers in the global P&C services industry," said Krishnakumar Natarajan, CEO and MD, Mindtree.
Bangalore-based Mindtree specialises in e-commerce, mobility, cloud enablement, digital transformation, business intelligence, data analytics, testing, infrastructure, EAI and ERP solutions. The firm serves over 200 clients and has offices in 14 countries.
The firm counts Nalanda Capital, Global Technology Ventures and V G Siddhartha-led Café Coffee Day Group as its shareholders and has struck a little over a dozen acquisitions over the past decade. It has, however, been quite in terms of inorganic growth since 2010.
BMR Advisors acted as the sole financial advisors to Mindtree on this transaction.
(Edited by Joby Puthuparampil Johnson)