Technology Holdings is pleased to announce that our client, MphasiS Ltd. (a Hewlett Packard company), has completed its acquisition of Wyde Corporation, a global software vendor and creator of the Wynsure platform - an industry leading insurance policy administration solution.
The Wyde acquisition will extend MphasiS’ insurance footprint in the Life & Annuities segment and strengthen its capabilities in the Property & Casualty segment. MphasiS’ offering will encompass a broad range of Software/IP and platform-based IT & BPO services in areas such as policy administration, claims and billing. MphasiS is a $1 billion+ service provider that delivers technology-based solutions to clients across the globe.
Technology Holdings advised MphasiS on the transaction.
The Wynsure solution has been highly rated by various insurance industry analysts. Charles Juniper from NelsonHall commented, “This acquisition is a good strategic move for MphasiS – the combination of MphasiS’ offshore Center of Excellence and the Wynsure insurance policy platform creates a strong, integrated solution for insurance carriers. Mid-sized carriers in particular face severe pressure to reduce administration costs and NelsonHall anticipates significant platform-based BPO growth in the space over the next 3 years in both the U.S. and Europe. Wyde’s impressive customer base of 25 insurance carriers such as AXA, ING, BNP Paribas and AON are likely to provide a good growth opportunity as MphasiS continues to develop its insurance offering.”
Vivek Subramanyam, Managing Director at Technology Holdings remarked, “As IT services and BPO vendors look for additional growth opportunities, we see a lot of interest in combining technology and IP with deep insurance domain expertise as a competitive differentiator and as a way to drive non-linear growth. While some services companies prefer to partner with software platforms, acquisitions of insurance platform vendors such as Wyde are definitely on the rise as an offensive and defensive strategy for both IT and BPO companies.”