Hotline: 1800 102 2007
X
Search Business Opportunities
Mar, 22 2018

Zensar To Acquire insurance IT firm Cynosure For $33 Million

The acquisition will add insurance IT capabilities to Zensar Technologies Ltd. The insurance vertical accounts for 15% of the firm’s total business.

Software services firm Zensar Technologies Ltd has agreed to acquire US-based insurance IT company Cynosure Inc., along with its offshore centre, for $33 million (Rs 214 crore) cash.

According to the company, the acquisition will add insurance IT capabilities to Zensar Technologies Ltd. The insurance vertical accounts for 15% of the firm’s total business.

As part of the agreement, subsidiary Zensar Technologies Inc. will acquire 100% stake in Cynosure for Rs 201 crore ($31 million), plus pay earnouts over 24 months after the deal is closed. Earnout is an additional payment made to the seller of a company if that firm achieves the levels of profit or growth the seller said it was likely to achieve.

Under the pact, Zensar Technologies Inc. will also acquire Bengaluru-based offshore centre Cynosure Interface Solutions for Rs 13 crore ($2 million).

Chicago-based Cynosure was founded in 2013 by former Guidewire Software Inc. employees Wadhwa, Anupam Mittra, Hari Kanangi and Anand Upnal. It provides Guidewire platform implementation services to property and casualty insurance companies operating primarily in the US market. The company’s revenue stood at $20 million in 2017.

Acquirer Zensar Technologies Ltd’s consolidated revenue stood at Rs 800.2 crore and net profit Rs 60 crore for the October-December quarter.

In March 2017, Zensar Technologies Ltd had agreed to acquire Keystone Logic Solutions Pvt. Ltd, a Bengaluru-based digital supply chain company, for an undisclosed amount.

Comment
image
Related opportunities
  • About Us: Nirmal World Private Limited Company is a prosperous company..
    Locations looking for expansion Uttar pradesh
    Establishment year 2013
    Franchising Launch Date 2019
    Investment size Rs. 5lac - 10lac
    Space required 1000
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Varanasi Uttar pradesh
  • Home Furnishings
    About Us: Navjeevan Lighting started in the year 2016 as a..
    Locations looking for expansion Maharashtra
    Establishment year 2017
    Franchising Launch Date 2017
    Investment size Rs. 10lac - 20lac
    Space required 200
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater dombivli Maharashtra
  • Quick Service Restaurants
    Looking for your own lucrative business in ever growing fast..
    Locations looking for expansion New Delhi
    Establishment year 2009
    Franchising Launch Date 2012
    Investment size Rs. 10lac - 20lac
    Space required 200 - 800
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Rajouri New Delhi
  • Laundry & Dry Cleaning
    About Us: ChemDry –It’s an international brand for providing Cleaner &..
    Locations looking for expansion Delhi
    Establishment year 1979
    Franchising Launch Date 1982
    Investment size Rs. 10lac - 20lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
Insta-Subscribe to
Entrepreneur
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities