Polaris Software to buy US firm

Written by Corporate Bureau | Chennai, Sept 30 | Updated: Oct 1 2008, 06:09am hrs
The Chennai-based Polaris Software has signed a definitive agreement to acquire SEEC Inc, a US-based insurance technology solutions provider for an undisclosed amount. The all-cash deal is likely to be clinched in three weeks time from now. The deal covers intellectual property, business trademarks, trade brands and infrastructure facilities of SEEC, said a company release issdued here on Tuesday.

The deal is part of the company's growth strategy in insurance space, said Arun Jain, Chairman &CEO, Polaris in a statement. However, company sources, when contacted refused to talk about the size of the deal.

"We are looking for a large complementing financial services and Insurance focused technology firm that understands the emerging component business model and merger with Polaris will enable us to serve our customers in a more comprehensive manner with the critical business transformation", said Ravindra Koka, founder and CTO of SEEC, India.