India based global technological service company Mindtree, today announced to acquire Discoverture Solutions LLC, a leading provider of insurance solutions based in the US.
Mindtree on it’s press release has said that “On January 19, 2015, the Company entered into definitive agreements to acquire 100% of the equity interest in Discoverture Solutions L.L.C, a leading US based solutions provider to the insurance industry, in an all cash transaction for USD 15 million, payable over the next 18 months and earn outs based on future revenue targets. This acquisition is subject to customary closing conditions and regulatory approvals.
BMR Advisors acted as the sole financial advisors for the transaction.
Discoverture is a US based IT services and solutions firm specialize in the Property & Casualty (P&C) Insurance and Healthcare industries. Founded in 2002, Discoverture has subsidiaries in the UK, Canada and Bhubaneswar, India.
With this acquisition, Mindtree will gains access to marquee clients; adds 300 experts across US, UK, Canada and India.
Krishnakumar Natarajan, CEO and MD, Mindtree said, “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.”
Gaurav Johri, Senior Vice President, Banking Financial Services and Insurance, Mindtree, said, “P&C insurers must continuously modernize technology and processes to drive business efficiencies and provide an experience that delights their customers. The combination of Mindtree’s P&C expertise with Discoverture’s capabilities will result in a world-class team which will rank among the leaders in this space.”
Steve Addair, President of Discoverture said, “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.”
image source: Discoverture