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ICICI Lombard GIC to acquire software and assets of Unbox

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For cash consideration of Rs 225 crore

ICICI Lombard General Insurance Company has entered into an arrangement with Unbox Technologies, a company engaged in providing customer relationship management (CRM) services on 30 October 2019, pursuant to which the Company will be acquiring proprietary software, platforms and underlying intellectual property assets developed by Unbox (software), along with ancillary movable assets for housing the Software and employees for operation, maintenance and development of the Software, for an aggregate cash consideration of Rs 225 crore.

Pursuant to the Transaction, the Company proposes to utilise the Software for its own business purposes, specifically towards enhancing its existing technological infrastructure for product distribution, product servicing, claims handling and customer relationship building, with a specific focus on creating efficiencies in the process of renewal of insurance policies. The Transaction is expected to be completed in the quarter ending on 31 December 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, October 31 2019. 10:37 IST