Global consulting and technology services provider Pactera Technology International has purchased Innoveo Solutions, a Switzerland-based IT software product company, for an undisclosed sum.

Post-transaction, Innoveo operates as a fully owned entity of Pactera and will be rebranded as Pactera Switzerland during the first quarter of 2014, thus allowing the acquirer to establish an additional base to serve clients in the region.

Pactera CEO Tiak Koon Loh said, "Innoveo Skye® will allow us to extend our offerings in addition to our IT services practice and solution products.

"The establishment of our subsidiary in Switzerland also adds to our expanding footprint in Europe, which is both a regional client base and a target market for many of our clients in other regions."

Innoveo’s front-end insurance multi-channel sales technology, known as Innoveo Skye, enables insurance companies to introduce new products and build attractive product and services, as per the customers’ demands.

The new tool, which decreases product launch time to market, adds to Pactera’s existing banking, financial services and insurance (BFSI) technologies and extensive domain knowledge foundation, the company said.

Established by a merger of HiSoft Technology International and VanceInfo Technologies, Pactera delivers services and technologies to global financial institutions in North America, Europe, Japan, Singapore, Australia, and China.