Software services firm Polaris Software Lab Ltd will acquire U.S.-based technology firm SEEC Inc in an all-cash deal. SEEC Inc is a US based product and component services company for insurance vertical. This deal will enable Polaris leverage the technological expertise of SEEC, to serve its clients in the insurance space. Under the terms of the definitive agreement, Polaris will acquire SEEC USA, including intellectual property, business trademarks, trade brands and infrastructure facilities.
Last month, Polaris announced that it had signed a professional services agreement (PSA) with AIG Global Services (AIGGS), through which it will provide IT services to the insurance major American International Group and its member companies globally. But that agreement almost fell through as AIG itself was on the brink of collapse. But the last-minute rescue by US Fed enabled the Polaris-AIG agreement to be intact.
Commenting on this acquisition, Arun Jain, Chairman & CEO, Polaris Software Ltd. said "SEEC is an innovative company and well respected in the global marketplace. This deal forms the pivot of our growth strategy in the Insurance space with access to thought leadership, Intellectual property and ACORD compliant business components.”
Shares in Polaris closed up 1.58 percent at 67.70 rupees on the BSE which closed up 2.1 percent.