Wednesday, 23 Jun 2010
India: Looking for an Acquisition of Insurance vertical in the UK
A major IT company is eyeing an acquisition in the insurance vertical in North America as well as the UK, and could spend up to $50 million for the same.
Their focus is to grow in the insurance sector — both life and general — in these markets. The deal size could be between $30-50 million. The company provides IT services to insurance, banking and finance firms, they might close the deal by this year-end. Much would, however, depend on the valuation, management and domain capabilities of the companies.
The company is upbeat about government projects from the UK and expects some good deals in the next three to six months. Around 80% of the company’s business comes from government projects in the UK.
The company is quite optimistic after the change in the government in UK. They are expecting to bag some major deals over the next three to six months. Next fiscal, there will be a growth in the order book and improvement in the deal pipeline.
Opportunity Type: General Procurement