Zensar to acquire insurance solutions firm Cynosure for $33 million
News | 22 Mar 2018
Acquisition of US-based company to help strengthening position in property & casualty insurance space
Midsize IT services company Zensar on Wednesday said it has entered into a definitive agreement to acquire the US-based Cynosure Inc. for a consideration of about $33 million (Rs 2.15 billion). The consideration also includes deferred payments upon the acquired entity achieving the performance targets over the next 24 years post the closure, the RPG Group company said in a regulatory filing to the exchanges.
Chicago-headquartered Cynosure which reported $20 million in revenues in calendar year 2017 provides Guidewire platform implementation services to Property and Casualty (P&C) insurance carriers, a huge compliment to what Zensar offers in that space. The acquisition will be funded by a mix of internal accruals and external debt.