However, the financial details of this acquisition was not disclosed by Mphasis.

According to the filing the, Mphasis will hold a 100% equity stake in Wyde. The deal will be closed on subject to completion of customary conditions.

Ganesh Ayyar, CEO Mphasis said, "Enhancing our value proposition to insurance companies was central to our thinking in this case."

The company, Mphasis, would establish a Wysnure centre of excellence in India, the aim will be to complement and support Wyde's onsite teams in France and North America.

The new configuration will demand that Wyde operates as a product business within Mphasis Insurance vertical. The current management team, led by Jean-Rene Lyon, will continue to drive and grow the business after acquisition. Mphasis stated in its press statement that it intends to continue with and strengthen Wyde's industry leading R&D facility in France.

Wyde customer-base includes mid-market insurers across France, US and Canada.

"Mphasis will provide Wyde with access to new markets and scale to provide implementation and integration services to our clients," Wyde Corporation Chairman of the Board of Directors Pierre Barbeis said.

Wyde has more than 200 senior domain professionals and also 25 customers.

This investment is the second acquisition by Mphasis in the insurance industry vertical, after acquiring AIGSS (AIG Software Systems).

OneIndia Money