Tech Mahindra acquires Com Tec, invests in two insurtech platforms

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Chennai: Tech Mahindra Ltd. has acquired European IT agency Com Tec Co IT Ltd. for €310 million, together with earnouts and synergy-linked payouts.

CTC is an IT options and companies supplier catering to the insurance coverage and monetary companies industries, with improvement centres in Latvia and Belarus.

Tech Mahindra stated the acquisition will assist increase its choices to high-end digital engineering companies for a number of the largest insurance coverage, re-insurance and monetary companies organisations globally and scale its nearshore supply presence.

“The insurance coverage trade is at present present process a major transformation pushed by new rising enterprise fashions which are powered by disruptive digital applied sciences,” Vivek Agarwal, president – BFSI, HLS, and company improvement at Tech Mahindra, stated. “To be able to allow this digital transformation, we’re investing in strengthening our capabilities to assist insurers in accelerating their transition to cloud-based platforms and supply end-to-end engineering with a powerful European nearshore presence.”

CTC’s experience and expertise in delivering marquee options for patrons will complement Tech Mahindra’s providing to supply end-to-end digital engineering, AI/ML and DevSecOps capabilities.

The acquisition can even assist Tech Mahindra scale up its European presence with over 700 extremely expert IT professionals in up to date applied sciences and processes, the corporate stated in an announcement.

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“Changing into part of a world entity like Tech Mahindra will give us quick entry to world scale and create an amazing progress and improvement alternative for our folks and the enterprise,” stated Avraham Shaked, cofounder at Com Tec Co IT Ltd.

Tech Mahindra can be investing a cumulative quantity of €20 million in SWFT and Surance, for a 25% possession in every of those two insurtech ventures funded by the identical founding group as CTC.

SWFT is a Software program as a Service-based digital buyer engagement platform. It presents a number of functionalities for insurance coverage gross sales and distribution and is designed for digital brokers, worth comparability web sites, and insurers desirous to immediately attain their prospects via digital channels. Surance is an end-to-end private cyber insurance coverage answer that focuses on vulnerability evaluation, cyber safety, and cyber insurance coverage protection.

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