Hotline: 1800 102 2007
Hotline: 1800 102 2007
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.

Zensar To Acquire insurance IT firm Cynosure For $33 Million

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.

sharebtn
Comment
user
email
mobile
address
star
Related opportunities
  • Education Supplies
    About Us: The Maple Bear™ program is owned by Maple Bear™..
    Locations looking for expansion Delhi
    Establishment year 2004
    Franchising Launch Date 2004
    Investment size Rs. 10lac - 20lac
    Space required 3000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New Delhi Delhi
  • Beauty Salons
    About Us: INSTYLE SALON PROVIDES ITS CLIENTS WITH A LUXURY ATMOSPHERE..
    Locations looking for expansion Delhi
    Establishment year 2009
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 800
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Theme Restaurants
    About Us: The Chinese Club, located in the New York City,..
    Locations looking for expansion Delhi
    Establishment year 2018
    Franchising Launch Date 2019
    Investment size Rs. 1 Cr. - 2 Cr
    Space required 2000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Home Appliances Repair Services
    About Us: Manufacturers generally offer one year  warranty  but  consumer ..
    Locations looking for expansion Delhi
    Establishment year 2017
    Franchising Launch Date 2018
    Investment size Rs. 5lac - 10lac
    Space required 200
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Delhi Delhi
Insta-Subscribe to
Entrepreneur
Magazine
sme-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities