IT software solutions firm Mphasis today said it will acquire US-based Wyde Corporation for an undisclosed amount.
Mphasis subsidiary has entered into an agreement to acquire Wyde Corporation, Mphasis said in a filing to the Bombay Stock Exchange.
However, the company did not disclose the financial details of the agreement.
Under the terms of the agreement, Mphasis will hold a 100% equity stake in Wyde. Closure of the deal is subject to completion of customary conditions, the filing added.
"Enhancing our value proposition to insurance companies was central to our thinking in this case," Mphasis CEO Ganesh Ayyar said.
Mphasis will establish a Wysnure centre of excellence in India, which will complement and support Wyde's onsite teams France and North America.
Wyde will operate as a product business within Mphasis Insurance vertical. The current management team, led by Jean-Rene Lyon, will continue to drive and grow the business after acquisition. Mphasis intends to continue with and strengthen Wyde's industry leading R&D facility in France.
Wyde caters to a widespread customer base, which includes mid-market insurers across the US, France and Canada.
"Mphasis will provide Wyde with access to new markets and scale to provide implementation and integration services to our clients," Wyde Corporation Chairman of the Board of Directors Pierre Barbeis said.
Wyde has over 200 senior domain professionals and over 25 customers.
This investment is the second acquisition by Mphasis in the insurance industry vertical, after acquiring AIGSS (AIG Software Systems).
Shares of Mphasis were trading at Rs 453.80 on the BSE, up 1.44% from the previous close.
