Goodwin Procter represented client MphasiS Ltd., a leading IT services company based in Bangalore, India, in its acquisition of Wyde Corporation, an international software vendor, in a move to strengthen MphasiS’ presence in the global insurance industry.
On August 1, 2011, MphasiS and Wyde signed a definitive agreement for MphasiS to acquire a 100 percent equity stake in Wyde. Headquartered in Minneapolis, Wyde is the developer of Wynsure, a multi-language, multi-currency, customizable software that offers policy administration, claims and billing solutions across life and annuities, disability, health and property and casualty.
This transaction is the second investment in the insurance sector for MphasiS and will expand the firm’s reach in the United States, Canada and Europe. MphasiS will establish a Wynsure center of excellence in India to support Wyde’s on-site teams in France and North America.
“We are pleased to have advised MphasiS on this acquisition. As the Indian economy has grown, Indian businesses are increasingly looking to more mature markets for acquisitions to fill out their product offerings and find attractive assets at lower prices,” said Yash Rana, Goodwin Procter partner and chair of the firm’s Asia Practice and the Hong Kong office.