Polaris Software To Acquire Insurance Technology Solns Firm SEEC

Polaris Software Lab, a provider of specialty applications for the BFSI sector, has signed a definitive agreement to acquire SEEC, a US-based product and component services company for the insurance vertical in an all cash deal.

Under the terms of the definitive agreement, Polaris has proposed to acquire SEEC USA, including Intellectual Property, business trademarks, trade brands and infrastructure facilities.

SEEC enables insurance firms to deliver a seamless customer experience across all products, channels and lines of business using the 'SEEC Advantage Library'. SEEC has designed, built and tested hundreds of non-proprietary, SOA software components that can be quickly assembled to deliver business solutions that streamline service, accelerate sales, and improve productivity across the enterprise.

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Arun Jain, chairman and CEO, Polaris Software Lab, said, "SEEC is an innovative company and well respected in the global marketplace. This deal forms the pivot of our growth strategy in the insurance space with access to thought leadership, Intellectual property and ACORD compliant business components."

Ravindra Koka, founder and chief technology officer, SEEC, said, "We believe that the insurance market is poised for higher growth in the areas of claims, sales and product management and customer service. We were looking for a large, complementing financial services- and insurance-focused technology firm that understands the emerging component business model and helps us with investments and enables our growth. We believe the merger with Polaris is very synergistic and will enable us to serve our customers in a more comprehensive manner with the critical business transformation that is needed to stay competitive".