Zensar acquires Cynosure Inc.

Zensar acquires Cynosure Inc.

Targets Leadership in the digitization of Property & Casualty Insurance
carriers

PUNE, India, March 21, 2018 (GLOBE NEWSWIRE) -- Zensar, an RPG company and the
management of Cynosure  Inc., today announced  that they have  entered into  a 
definitive agreement to acquire the US based Cynosure Inc. Cynosure focuses on
providing Guidewire platform implementation services to Property and  Casualty 
(P&C) insurance carriers and had 2017 revenues of about $20 million.  Zensar’s 
Insurance business spans global clients largely in the P&C space. The addition
of Cynosure will enable Zensar to have platform capabilities for the insurance
segment that will  position the  Company to  grow faster  in the  fast-growing 
Insurance software  market.  The  Insurance vertical  currently  accounts  for 
approximately 15% of Zensar’s total business.

Zensar Technologies Limited will acquire the entire share capital of  Cynosure 
Interface Solutions Private  Limited (“Cynosure India”)  and its wholly  owned 
subsidiary, Zensar Technologies Inc. will acquire the entire share capital  of 
Cynosure Inc.  Cynosure  Inc.  is headquartered  in  Chicago,  Illinois,  USA. 
Cynosure India  is headquartered  and has  an offshore  development centre  in 
Bengaluru, India. The acquisition will be funded by a mix of internal accruals
and external debt.

This acquisition  is a  critical component  of Zensar’s  ‘Return on  Digital®’ 
strategy that  works  on  creating significant  business  impact  for  clients 
through  scalable   digital  transformation   programs.  Insurance   Companies 
worldwide are currently  evaluating elements of  their technology backbone  to 
make their  organizations digital  ready. Many  of them  are still  on  legacy 
systems that  limit  their ability  to  leverage digital  opportunities.  Most 
insurers,  especially  in  the  P&C  space,  are  moving  to  modern  software 
platforms, such  as Guidewire,  as it  enables  them to  not only  create  new 
experiences for their  customers, but also  helps them digitize  a large  part 
of their core insurance functions of Policies, Claims and Billing.

Announcing the  acquisition, Harsh Goenka,  Chairman  of RPG  Enterprises  and 
Zensar said, “Insurance is  one of the  focus areas for  Zensar. The  combined 
capabilities of Cynosure, with its industry leading Guidewire capabilities  in 
the Property & Casualty Insurance  sector and Zensar’s digital expertise  will 
augment the Company’s growth.”

“The digitalization of the  insurance sector with  reference to its  products, 
sales channels  and  consumer engagement  is  increasingly driven  by  digital 
technologies. Cynosure is a  Guidewire partner, and is  well respected in  the 
market place,  making  them  experts  in  this  area.  They  bring  successful 
implementations,  providing  core  system  modernization  with  rich  customer 
relationships  that  will  serve  as  a  significant  value  addition  to  our 
offerings,” commented Sandeep  Kishore, Chief Executive  Officer and  Managing 
Director of Zensar. 

“As part of Zensar,  we have the opportunity  to offer more robust  integrated 
solutions  combined  with  its  digital  transformational  and  infrastructure 
capabilities. Our expertise in Guidewire platforms have enabled our  customers 
in the Property & Casualty Insurance space to reap long-lasting benefits which
is now fortified by this combined entity.” said Sid Wadhwa, CEO &  Co-Founder, 
Cynosure Inc.

Zensar has been making rapid progress over the last few years in  transforming 
itself into a  digital led business.  In a  very short time  the company  has, 
through a mix of acquisitions and organic growth, begun generating over 38% of
its business from the digital  space comprising Automation, Machine  Learning, 
Predictive  Analysis   and   Blockchain   technologies.    Particularly,   the 
acquisitions of Keystone Logic (US), Foolproof (UK), Professional Access  (US) 
by Zensar  in  recent years  has  given the  Company  greater focus  and  deep 
capabilities in  e-commerce  and  digital.   Further,  Zensar’s  cutting  edge 
innovation hub called ZenLabs,  located in Pune campus,  is one of the  finest 
exponents of its digital push.  The company is emerging  as a major player  in 
its main segments of  Retail, Insurance and  Hitech, servicing global  clients 
across 140 countries from its 29 global locations.
      
The Cynosure team of Guidewire experts are focused on simplifying core systems
transformation. Each  systems transformation  is approached  with the  primary 
focus of helping  an insurance  carrier lower  their total  cost of  ownership 
while  delivering  the  highest  possible  quality.  Cynosure  has   delivered 
extensive successful Guidewire  projects, leveraging a  deep understanding  of 
Guidewire products to deliver  innovative functionality and drive  operational 
efficiency. The  team  consists  of senior-level  former  Guidewire  certified 
professionals  with   program   management,  systems   architecture,   systems 
integration, business intelligence, digital strategy and management consulting
experience.

Post the acquisition, Cynosure will continue to be managed by the founders led
by Sid Wadhwa, CEO & Co-founder. The management and team of Cynosure in the US
and Bengaluru, India  comprising of over  150 experts, will become  a part  of 
Zensar’ s Insurance vertical.

About Zensar (www.zensar.com)
Zensar is a  leading digital  solutions and technology  services company  that 
specialises in partnering with global organisations across industries on their
Digital Transformation  journey. A  technology partner  of choice,  backed  by 
strong track-record of innovation;  credible investment in Digital  solutions; 
assertion of commitment to client’s success, Zensar ’s comprehensive range  of 
digital and technology services and solutions enable its customers to  achieve 
new thresholds  of  business  performance.  Zensar,  with  its  experience  in 
delivering  excellence  and  superior   client  satisfaction  through   myriad 
technology solutions, is uniquely positioned  to help them surpass  challenges 
around running  their existing  business most  efficiently, helping  in  their 
legacy transformation, and planning for business expansion and growth  through 
innovative and digital way.

Follow Zensar via:
Zensar Blog: http://www.zensar.com/blogs
Twitter: https://twitter.com/Zensar
LinkedIn: https://www.linkedin.com/company/zensar-technologies
Facebook: https://www.facebook.com/Zensar
Catch our refreshed new website at: www.zensar.com

About RPG Enterprises (www.rpggroup.com)
Mumbai head-quartered RPG  Enterprises is  one of  India's largest  industrial 
conglomerates. With over  15 companies  in its fold,  the group  has a  strong 
presence across core  business sectors  such as Infrastructure,  Tyre, IT  and 
Specialty. Established  in 1979,  RPG Enterprises  is one  of India’s  fastest 
growing business groups with a turnover in excess of Rs 22,000 crore.

For any queries please feel free to reach out:

Julie Machnik
Director of Marketing
US Zensar Technologies
+508 621 4753
J.Machnik@zensar.com

Safe Harbor
Certain statements in this release concerning our future growth prospects  are 
forward-looking statements which involve a  number of risks and  uncertainties 
that could  cause actual  results  to differ  materially  from those  in  such 
forward-looking statements.  The risks  and  uncertainties relating  to  these 
statements include, but are not limited to, risks and uncertainties  regarding 
fluctuations in earnings, our ability to manage growth, intense competition in
IT services including those factors which may affect our cost advantage,  wage 
increases  in  India,  our  ability  to  attract  and  retain  highly  skilled 
professionals, time  and  cost  overruns  on  fixed  price,  fixed-time  frame 
contracts, client concentration, restrictions  on immigration, our ability  to 
manage our international operations, reduced demand for technology in our  key 
focus  areas,  disruptions  in  telecommunication  networks,  our  ability  to 
successfully complete  and  integrate potential  acquisitions,  liability  for 
damages  on  our   service  contracts,  withdrawal   of  governmental   fiscal 
incentives, political instability,  legal restrictions on  raising capital  or 
acquiring companies outside  India, and unauthorised  use of our  intellectual 
property and general economic conditions  affecting our industry. The  Company 
does not undertake to  update any forward-looking statement  that may be  made 
from time to time by or on behalf of the Company.

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