US-based risk, claims and safety software provider Ventiv Technology has agreed to acquire 4iSoft, which provides risk and insurance IT consultancy services.
Terms of the deal have not been disclosed.
4iSoft provides IT services to the insurance carriers, third party administrators, JPAs and self-insured corporations.
The company is expert on domains in property and liability, workers’ compensation, benefit management and healthcare, as well as risk management information systems (RMIS) implementations.
The firm’s IT services include application development, database migration, IT infrastructure support, business intelligence, claims processing and adjudication, as well as project executions for RMIS.
Ventiv Technology CEO Stephen Rhee said: "We are already the market leader in software solutions for clients across the globe, and this acquisition represents another important step in our aggressive growth agenda.
"It is also a reflection of the resources required to meet the global demand for our solutions and scale for anticipated growth over the next several years."
4iSoft founder and CEO Brijesh Kumar said: "Deciding to join with Ventiv Technology was an easy decision as we have already partnered successfully on several projects."
According to Ventiv, 4iSoft will retain its name and operate as a subsidiary of the company, while Kumar will continue as CEO for 4iSoft.
Ventiv provides risk management, claims administration, auditing and safety management services to its customers in the US, EU, Asia and Australia.
Image: Ventiv to acquire 4iSoft that offers IT services for the insurance industry. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.