US-based Patriot National has acquired Chicago-based Vikaran Solutions, a technology company that offers software and services to the property and casualty industry.

Under the deal, Patriot also signed an agreement to acquire all outstanding stock of Vikaran’s software development center MPCS, located in Pune, India.

According to Patriot, the total purchase price for both entities is around $10m and will become part of its technology subsidiary, Patriot Technology Solutions.

Patriot National chief executive officer Steven Mariano said: "The team at Vikaran built our proprietary Workers’ Compensation Expert system, and together they bring extensive experience in technical consulting, design and development for the commercial and workers’ compensation insurance industry."

The acquired business is said to expand Patriot technology product offerings and an outsourcing platform in India.

Vikaran Solutions CEO Sandeep Mehta said: "Vikaran’s innovative technology platform coupled with Patriot National’s deep business and operational expertise creates a unique value proposition in the insurance marketplace."

Patriot offers outsourcing solutions within the workers’ compensation marketplace for insurance companies, employers, local governments and reinsurance captives.

It provides general agency services, technology outsourcing, specialty underwriting and policyholder services and claims administration services to its insurance carrier clients.