India's Polaris to Buy U.S. Insurer SEEC
Polaris Software Lab announced on Tuesday it has signed a definitive agreement to acquire US-based insurance product and component services company SEEC Inc in an all-cash deal in the next 3-5 weeks.
This would help the Chennai-based software product and service provider gain access to the company's IP products, busines trademarks, trdae brands and infrastructure facilities.
"They have dozen of global insurance companies as their customers. The products they have are of very high quality and required in the market place. We will have readymade access instead of building it" said Polaris CFO R Srikanth. Citing confidentiality agreements , Mr Srikanth did not disclose the size of the deal. He also did not give details about the size of SEEC Inc or its employee strength.
At the same time, Polaris chairman and CEO Arun Jain said, "SEEC is an innovative company and well respected in the global marketplace. This deal forms the pivot of our growth strategy in the Insurance space." For SEEC Inc, it would mean access to investments and increased growth. "We believe the merger with Polaris is very synergistic," said SEEC Inc founder and chief technology officer Ravindra Koka.