MphasiS has entered into a definitive agreement to acquire 100% equity stake in international software vendor Wyde.
Wyde has developed Wynsure, a multi-language, multi-currency, customizable software that offers policy administration, claims and billing solutions across Life & Annuities (L&A), disability, health, and Property & Casualty (P&C).
Wynsure platform can be deployed at an insurance carrier either one business line at a time, or as a complete application.
The acquisition of Wyde will extend MphasiS’ insurance footprint in Life & Annuities segment and strengthen its existing capability in the P&C segment.
MphasiS’ offering will encompass a broad range of IT, platform based BPO and integrated services in areas such as policy administration, claims and billing.
The deal brings with it new partnerships and strategic accounts in the insurance vertical and will complement its existing strengths in terms of skill-sets and customer base.
Wyde’s integrated R&D operations will enable MphasiS to deliver applications and services to insurance customers.
Wyde will operate as a product business within MphasiS Insurance vertical.
MphasiS intends to strengthen Wyde’s R&D facility in France and establish a Wysnure center of excellence in India to complement and support Wyde’s onsite teams in France and North America.
The closure of the deal is subject to completion of customary conditions.
