ICICI Infotech Services is once again on an acquisition spree. It has acquired Insyst Technologies Group -- a 15-year-old IT outfit based in the UAE and India -- for an undisclosed amount. This is the fifth acquisition of the infotech arm of ICICI, and the plan is to grow "organically and through acquisitions".
The acquisition of Insyst will help strengthen the product offering of ICICI Infotech, with the UAE company's main strength in the area of ERP and insurance.
ICICI Infotech managing director & CEO V Srinivasan stated: "This acquisition will enable us to provide a comprehensive range of solutions for ERP, besides being able to complement our ongoing initiatives in the field of insurance".
ICICI's own insurance subsidiary -- ICICI Lombard -- is a customer of Insyst.
ICICI Infotech has acquired five IT entities so far including Ivory, Command System, Ajack Software, Object Xperts, and the latest Insyst. The latest acquisition will help ICICI Infotech attain its goal to be a global leader, through a "very rounded product offering". Insyst has an established global presence with customers spread across the UAE, Oman, Bahrain, Saudi Arabia, Qatar, Kuwait, Kenya, India and USA. It will add over 600 customers. Insyst's operations are primarily based out of UAE, with a development center in Chennai.
At the same time, ICICI Infotech will enable higher investment in product development and technology to service the customer base of Insyst.
