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Deal establishes Infosys BPO as a key player in business platform services for the insurance and financial services sector.
Infosys BPO to acquire US-based Insurance business process solutions provider
Infosys BPO Limited, the business processing outsourcing subsidiary of Infosys Technologies, has signed a definitive agreement to acquire all of the outstanding interests of McCamish Systems LLC, a business process solutions provider, based in Atlanta, Georgia in the United States.
The acquisition is expected to be completed later this year subject to the satisfaction of certain closing conditions. The upfront consideration for the deal is USD 38 million with up to an additional USD 20 million payable to the sellers if McCamish Systems achieves certain financial targets in the future.
The acquisition is expected to enhance Infosys’ capability to deliver end-to-end business solutions for the insurance and financial services industries.
Founded in 1985, McCamish Systems provides solutions to the insurance and financial services industries leveraging their proprietary VPAS, PMACS and Deferral+ platforms. Consistently rated among the top platforms in the industry, VPAS supports both traditional and non-traditional life insurance and annuities. McCamish Systems also offers integrated sales and administration support solutions that are 409A-compliant to the retirement and financial services industries.
The company counts half of the top 20 insurers among its many clients. For the year ended 31 December 2008, McCamish Systems reported revenue of USD 38.2 million. The company has approximately 260 employees based in their Atlanta delivery centre.
The combination is expected to enable McCamish to service larger portfolios of transactions for clients and expand into global markets. This will establish Infosys as a key player in providing business platform services.
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