Technology services firm Mindtree has signed definitive agreements to acquire US-based insurance solutions provider Discoverture Solutions, in a bid to extend its position in property & casualty (P&C) packaged solutions.
Discoverture has developed solutions based on major P&C insurance platforms.
Fiannacial terms of the deal have not been disclosed by the firms, however, The Economic Times reported that the transaction is valued at around $15m.
Mindtree CEO and MD Krishnakumar Natarajan said: "We continue to successfully implement our strategy of establishing deep expertise in our targeted industry sectors.
"This acquisition accelerates our journey to be amongst the Top 3 service providers in the Global P&C services industry."
Established in 2002, Discoverture has business units in the UK, Canada and Bhubaneswar in India. It is said to be the long-term strategic partner to clients in the insurance sector.
Mindtree noted that the acquired business, along with its existing range of technology services, will transform and run a world-class insurance technology platform.
Discoverture Solutions president Steve Addair said: "As part of Mindtree, we can now engage our proven skills and technology with its full service capabilities to deliver greater value to insurance clients."
BMR Advisors served as the financial advisor for the deal, which is subject to customary closing conditions and regulatory approvals.