Mindtree, a Bangalore-based global technology services company has entered into definitive agreement to acquire property/casualty insurance solutions provider Discoverture (Scottsdale, Ariz.). Mindtree characterizes the acquisition of Discoverture as giving the vendor access to marquee clients, adding 300 experts in North American, the U.K and India, and combining with Mindtree’s capabilities to create a full suite of offerings for transforming and running a world-class insurance technology platform.
“Acquisitions like these underscore the importance that insurance CIOs put on deep domain knowledge, local presence, and personal relationships,” comments Matthew Josefowicz, president of Boston-based research and advisory firm Novarica. “It is increasingly difficult for IT services firms to gain traction in this market without these, and it is often faster and more effective for these firms to buy teams and relationships rather than build.”
The acquisition of Discoverture represents a continuing strategy to establish deep expertise in targeted industry sectors, according to Krishnakumar Natarajan, CEO and MD, Mindtree. “This acquisition accelerates our journey to be amongst the Top 3 service providers in the Global P&C services industry,” he says.
“We are excited to be part of the Mindtree team and add our technology and expertise to its large and growing insurance practice,” comments Steve Addair, President, Discoverture. “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.”