Zensar Technologies has acquired US based company, Cynosure for USD 33 million. Prashant Nair caught up with Harshvardhan Goenka, Chairman of Zensar Technologies and asked him about the newly acquired company and the market opportunity.
Zensar in the last couple of years has decided to focus three primary segments – insurance, high-tech and retail, he said.
50 percent of our total business is insurance and we have been looking at opportunities as to how we can grow our insurance practice. We have some marquee clients in the US, in South Africa and Europe, he added.
Cynosure was a great opportunity, it is one of the leading Guidewire platform companies based out of Chicago with the back office in Bangalore, said Goenka.
He believes there were a lot of benefits by acquiring Cynosure. It has around 150 people, it is primarily in the property and the casualty space. It is a business which is massive in terms of size, he further mentioned.
According to him, there was a huge opportunity with insurance companies now wanting to become digital.
Cynosure has a good track record of growing by over 50 percent a year. We are hoping that this kind of growth can continue in the future, he said.
Speaking of funding this acquisition, Goenka said that a large part of this acquisition will be funded through internal accruals and some part through debt.moneycontrol