Chennai-based, Polaris Software Lab, a speciality application provider in banking, financial and insurance sectors, has signed a definitive agreement to acquire SEEC Inc, a US-based product and component services company for insurance vertical in an all cash deal.
Under the agreement, Polaris has proposed to acquire SEEC, including intellectual property rights, business trademarks, trade brands and infrastructure facilities. The company did not disclose actual size of the deal.
SEEC enables insurance firms deliver a seamless customer experience across all products, channels and lines of business using the SEEC Advantage Library. The company has designed, built and tested hundreds of non-proprietary SOA software components that can be quickly assembled to deliver business solutions that streamline services, accelerate sales and improve productivity across the enterprise.
Arun Jain, Chairman and CEO, Polaris Software Lab, said, "SEEC is an innovative company and well respected in the global market place. This deal forms the pivot of our growth strategy in the insurance space with access to thought leadership, intellectual property and ACORD compliant business components."
