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Bangalore-based IT and BPO services provider MphasiS has entered into a ‘definitive agreement to acquire Wyde Corporation and the closure of the deal is subject to completion of customary conditions.'
Wyde is an international software vendor and creator of Wynsure — an insurance policy administration solution. MphasiS will hold 100 per cent equity stake in Wyde, a press statement said.
“This acquisition demonstrates our focus on strategy execution. Wyde brings with it world-class intellectual property (IP), world-class people and a marquee customer base. This IP holds tremendous potential across both mature and emerging markets,” said Mr Ganesh Ayyar, CEO, MphasiS in the statement. This is the second such acquisition by MphasiS in the insurance vertical.
After the acquisition, Wyde will operate as a product business within MphasiS' insurance vertical. The current Wyde management team, led by Jean-Rene Lyon, will continue to drive and grow the business after the acquisition
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