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Infosys to buy US insurance back office firm for $38 mn

Thursday, November 12, 2009 (16:07:48) Tags: India, Infosys Technologies, McCamish Systems Bangalore: Infosys Technologies will acquire the US-based insurance business process solutions provider McCamish Systems for $38 million (Rs.1.77 billion/Rs.177 crore) in an all-cash deal, the IT bellwether said today. In a regulatory filing, the global software major said it would pay an additional $20 million (Rs.930 million/Rs.93 crore) to the back office firm if it achieved certain financial targets in the future. "The acquisition is expected to enhance our capability to deliver end-to-end business solutions for the insurance and financial service industries," the company said. The $38-million McCamish provides solutions to insurance and financial services. "The deal will enable us to bring together a convergence of operations and technology and reinforce our leadership in providing business platform services," said Amitab Chaudhry, chief executive of Infosys business process outsourcing (BPO) subsidiary, in a statement later. As part of Infosys' BPO subsidiary, McCamish will service large portfolios of transactions for clients and expand into global markets. (IANS)