Mindtree to acquire US based Discoverture

Acquisition to strengthen presence in property & casualty services industry

Midsized IT services company Mindtree on Monday said that the company has entered into definitive agreements to acquire US-based Discoverture Solutions LLC (Discoverture), a provider of insurance solutions. Financial details of the transaction were not disclosed.

Founded in 2002 and headquartered in Scottsdale, Arizona, Discoverture has subsidiaries in the UK, Canada and Bhubaneswar, India. The strategic acquisition will not only help Mindtree to stabilize its presence in the property & casualty packaged solutions, it will also help the Bengaluru-based company to add around 300 experts across the US, UK, Canada and India, the company said in a release.

"We continue to successfully implement our strategy of establishing deep expertise in our targeted industry sectors. This acquisition accelerates our journey to be amongst the top-3 service providers in the global property & casualty services industry," said Krishnakumar Natarajan, CEO and MD, Mindtree.

Added Steve Addair, President, Discoverture: "We are excited to be part of the Mindtree team and add our technology and expertise to its large and growing insurance practice. As part of Mindtree, we can now engage our proven skills and technology with its full service capabilities to deliver greater value to insurance clients."