Polaris Software to acquire US-based insurance technology firm SEEC
01 Oct 2008
Chennai: Polaris Software Lab Limited 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 terms of the definitive agreement, Polaris has proposed to acquire SEEC USA, including Intellectual property, business trademarks, trade brands and infrastructure facilities.
''SEEC is an innovative company and well respected in the global marketplace," said Arun Jain, chairman and CEO, Polaris Software Lab. "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.''
A 2008 finalist of the IBM Beacon Award & Winner of ACORD Award for SOA, SEEC enables Insurance firms deliver a seamless customer experience across all products, channels and Lines of Business using the ''SEEC Advantage Library.''
SEEC has designed, built and tested hundreds of non-proprietary, SOA software components that can be quickly assembled to deliver business solutions that streamline service, accelerate sales, and improve productivity across the enterprise. SEEC is a trusted provider to over 12 global insurance companies.
''We believe that the Insurance market is poised for higher growth in the areas of claims, sales and product management and customer service., " said Ravindra Koka, founder and chief technology officer, SEEC Inc. Having evangelised this with a few lead firms, we were looking for a large complementing financial services and insurance focused technology firm that understands the emerging Component business model and help us with investments and enable our growth. We believe the merger with Polaris is very synergistic and will enable us to serve our customers in a more comprehensive manner with the critical business transformation that is needed to stay competitive.''
