MphasiS to acquire US-based insurance software provider Wyde Corp

Announcing its second investment of an insurance sector technology firm, Bengaluru-based IT software solutions firm MphasiS' today said that it is acquiring US insurance software provider Wyde Corporation.

This is the second acquisition in the insurance industry vertical by MphasiS', which is majority owned by Hewlett Packard.

Making the disclosure in a filing with the Bombay Stock Exchange, MphasiS', which was advised by Credit Agricole CIB, Goodwin Procter, Nishith Desai Associates and S J Berwin on the deal, said that the acquisition of Wyde will extend its insurance footprint in life & annuities segment and strengthen its existing capability in the property and casualty segment.

MphasiS' did not disclose the financial terms of the deal.

Minneapolis, Minnesota-based Wyde with a modern Research & Development centre in Paris, has developed and deployed Wynsure, a software platform, at many of the leading insurance carriers in North America and Europe.

Wynsure is a multi-language, multi-currency, easily customisable software that offers policy administration, claims and billing solutions across the life and annuities, disability, health, and Property & Casualty.