MphasiS, a leading IT services company, has announced it has entered into a definitive agreement to acquire Wyde Corporation, an international software vendor and creator of Wynsure- an industry leading Insurance Policy Administration Solution.
This investment is the second acquisition by MphasiS in the Insurance industry vertical, after acquiring AIGSS (AIG Software Systems), the AIG captive center in India in 2009. Under the terms of the agreement, MphasiS will hold a 100 per cent equity stake in Wyde. The closure of the deal is subject to completion of customary conditions.
Headquartered in Minneapolis, USA, with a modern Research & Development (R&D) centre in Paris, France, Wyde has developed and deployed Wynsure, a proven software platform, at many of the leading insurance carriers in North America and Europe. Wynsure is a multi-language, multi-currency, easily customisable software that offers policy administration, claims and billing solutions across Life & Annuities (L&A), disability, health, and Property & Casualty (P&C). Wynsure platform can be deployed at an insurance carrier either one business line at a time, or as a complete end-to-end solution. Wyde has over 200 employees who possess significant domain expertise.
Wyde was founded in 1997 by Pierre Barberis, Chairman, and Jean-Rene Lyon, CEO, both distinguished leaders from the insurance industry. Pierre Barberis, a graduate of Ecole Polytechnique and Institute of French Actuaries, has held executive leadership positions in several global corporations including being the Deputy Chairman and CEO of AXA. Jean-Rene Lyon, a graduate of Stanford University and Centrale Paris, has held CIO roles in leading financial services and insurance companies.
Wyde caters to a robust customer base which include Tier I as well as mid-market insurers across the US, France and Canada. Wyde’s Wynsure platform complements MphasiS’ current insurance practice by offering customers a range of software, business consulting and professional services. The acquisition of Wyde will extend MphasiS’ insurance footprint in Life & Annuities segment and strengthen its existing capability in the Property & Casualty segment. MphasiS’ offering will encompass a broad range of IT, platform based BPO and integrated services in areas such as policy administration, claims and billing while branding Wynsure as a market leader in the insurance industry.
“This acquisition demonstrates our focus on strategy execution. Enhancing our value proposition to insurance companies was central to our thinking in this case. I am thrilled to find such a partner for this acquisition. Wyde brings with it world class IP, world class people and a marquee customer base. This IP holds tremendous potential across both mature and emerging markets” said Ganesh Ayyar, CEO MphasiS.
“We are excited about the prospects of growing our global footprint. MphasiS’ strategic focus on the Insurance vertical combined with Wynsure a powerful,full functional, scalable, and easily customisable insurance policy administration system will enable us to elevate Wynsure as a game changer for many more clients. MphasiS will provide Wyde with access to new markets andscale to provide implementation and integration services to our clients” said Pierre Barberis, Chairman of the Board of Directors – Wyde Corporation.
