Wipro bags 7-yr IT contract from US insurance firm

The nation's third-largest IT firm Wipro Technologies today said it has entered into a seven-year strategic agreement with the US-based insurance firm Main Street America Group for software solutions.

The Main Street will engage with Wipro for applications, development, maintenance and quality assurance, the Bangalore-based software firm said in a statement.

Under the terms of the agreement, Wipro will supplement Main Street's IT organisation in its endeavour to support its present and future business needs, the Indian company further said.

The Main Street provides commercial, personal and surety insurance products to individuals, families & small businesses in 24 states of the United States.

"As The Main Street America Group continues to increase scale and productivity, we need to implement more efficient processes while reducing our operation costs," Mains Street America's chief information officer (CIO) Ronald James said.

Wipro, however, did not disclose any financial detail of the deal.

"We look forward to supporting their future growth," Ajoy Menon, Insurance Business unit Global Head, Wipro Tech said.

On the National Stock Exchange, the shares of Wipro today settled at Rs 695.15, down by 0.48 per cent.