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Mphasis to buy Wyde Corporation

Mphasis to buy Wyde Corporation
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First Published: Mon, Aug 01 2011. 05 15 PM IST
Updated: Mon, Aug 01 2011. 05 15 PM IST
Bangalore: Computer software services company Mphasis Ltd agreed to buy software developer Wyde Corp. for an undisclosed sum.
Minneapolis, US-based Wyde sells an insurance policy administration software called Wynsure.
This is Mphasis’s second acquisition in the insurance space. It acquired AIG Software Systems captive centre in India in 2009.
Wynsure is a multi-language, multi-currency, customizable software that offers policy administration, claims and billing solutions across life and annuities, disability, health, and property and casualty segments.
Wyde, founded in 1997, has 200 employees. Its customers include insurers in the US, France and Canada.
With the acquisition, Mphasis is aiming to extend its insurance footprint in the life and annuities segment and strengthen its existing capability in the property and casualty segment.
Mphasis will establish a Wysnure “centre of excellence” in India to complement Wyde’s onsite teams in France and North America, the statement said.
About 70% of Mphasis’s revenue of more than $1 billion comes from parent Hewlett-Packard.
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First Published: Mon, Aug 01 2011. 05 15 PM IST