Warren, New Jersey(US) and Bangalore, January 20 2014: India-headquartered global technology services company Mindtree, is to acquire Discoverture Solutions , a leading provider of insurance solutions based in the US.
Discoverture's solutions have been deployed on major insurance platforms, enabling clients to transition to a more modern, agile environment.
An April 2014 alliance with another US-based insurance solution provider, FirstBest, beefed up Discoverture's own flagship tool, XactConnect -- and this is expected to strengthen Mindtree's own ability to offer a full suite of insurance industry offerings. The acquisitijn adds 300 experts across US, UK, Canada and India to Mindtree's strength.
Says Krishnakumar Natarajan, CEO and MD, Mindtree: “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.”
Adds Steve Addair, President, Discoverture: “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.”
Founded in 2002 and headquartered in Scottsdale, Arizona, Discoverture has subsidiaries in the UK, Canada and Bhubaneswar, India.
In quarterly results announced on the day the Discoverture aqcuisition was made public, Mindtree announced revenues of $147.7 million and a net profit of $22.8 million. The company has 201 active clients as of December 31, 2014