Infosys to buy US insurance back office firm for $38 mnNovember 12th, 2009 - 5:29 pm ICT by IANS
Bangalore, Nov 12 (IANS) Infosys Technologies will acquire the US-based insurance business process solutions provider McCamish Systems for $38 million (Rs.1.77 billion/Rs.177 crore) in an all-cash deal, the IT bellwether said Thursday.
In a regulatory filing, the global software major said it would pay an additional $20 million (Rs.930 million/Rs.93 crore) to the back office firm if it achieved certain financial targets in the future.
“The acquisition is expected to enhance our capability to deliver end-to-end business solutions for the insurance and financial service industries,” the company said.
The $38-million McCamish provides solutions to insurance and financial services.
“The deal will enable us to bring together a convergence of operations and technology and reinforce our leadership in providing business platform services,” said Amitab Chaudhry, chief executive of Infosys business process outsourcing (BPO) subsidiary, in a statement later.
As part of Infosys’ BPO subsidiary, McCamish will service large portfolios of transactions for clients and expand into global markets.
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