Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

Zensar acquires Guidewire Platform Implementation service provider Cynosure Inc

Posted On: 2018-03-22 01:32:25

Zensar, an RPG company and the management of Cynosure Inc., today announced that they have entered into a definitive agreement to acquire the US based Cynosure Inc. Cynosure focuses on providing Guidewire platform implementation services to Property and Casualty (P&C) insurance carriers and had 2017 revenues of about $20 million. Zensar's Insurance business spans global clients largely in the P&C space. The addition of Cynosure will enable Zensar to have platform capabilities for the insurance segment that will position the Company to grow faster in the fast-growing Insurance software market. The Insurance vertical currently accounts for approximately 15% of Zensar's total business.

Zensar Technologies Limited will acquire the entire share capital of Cynosure Interface Solutions Private Limited ("Cynosure India") and its wholly owned subsidiary, Zensar Technologies Inc. will acquire the entire share capital of Cynosure Inc. Cynosure Inc. is headquartered in Chicago, Illinois, USA. Cynosure India is headquartered and has an offshore development centre in Bengaluru, India. The acquisition will be funded by a mix of internal accruals and external debt.

This acquisition is a critical component of Zensar's 'Return on Digital®' strategy that works on creating significant business impact for clients through scalable digital transformation programs. Insurance Companies worldwide are currently evaluating elements of their technology backbone to make their organizations digital ready. Many of them are still on legacy systems that limit their ability to leverage digital opportunities. Most insurers, especially in the P&C space, are moving to modern software platforms, such as Guidewire, as it enables them to not only create new experiences for their customers, but also helps them digitize a large part of their core insurance functions of Policies, Claims and Billing.

Announcing the acquisition, Harsh Goenka, Chairman of RPG Enterprises and Zensar said, "Insurance is one of the focus areas for Zensar. The combined capabilities of Cynosure, with its industry leading Guidewire capabilities in the Property & Casualty Insurance sector and Zensar's digital expertise will augment the Company's growth."

"The digitalization of the insurance sector with reference to its products, sales channels and consumer engagement is increasingly driven by digital technologies. Cynosure is a Guidewire partner, and is well respected in the market place, making them experts in this area. They bring successful implementations, providing core system modernization with rich customer relationships that will serve as a significant value addition to our offerings," commented Sandeep Kishore, Chief Executive Officer and Managing Director of Zensar.

"As part of Zensar, we have the opportunity to offer more robust integrated solutions combined with its digital transformational and infrastructure capabilities. Our expertise in Guidewire platforms have enabled our customers in the Property & Casualty Insurance space to reap long-lasting benefits which is now fortified by this combined entity." said Sid Wadhwa, CEO & Co-Founder, Cynosure Inc.

Zensar has been making rapid progress over the last few years in transforming itself into a digital led business. In a very short time the company has, through a mix of acquisitions and organic growth, begun generating over 38% of its business from the digital space comprising Automation, Machine Learning, Predictive Analysis and Blockchain technologies. Particularly, the acquisitions of Keystone Logic (US), Foolproof (UK), Professional Access (US) by Zensar in recent years has given the Company greater focus and deep capabilities in e-commerce and digital. Further, Zensar's cutting edge innovation hub called ZenLabs, located in Pune campus, is one of the finest exponents of its digital push. The company is emerging as a major player in its main segments of Retail, Insurance and Hitech, servicing global clients across 140 countries from its 29 global locations.

The Cynosure team of Guidewire experts are focused on simplifying core systems transformation. Each systems transformation is approached with the primary focus of helping an insurance carrier lower their total cost of ownership while delivering the highest possible quality. Cynosure has delivered extensive successful Guidewire projects, leveraging a deep understanding of Guidewire products to deliver innovative functionality and drive operational efficiency. The team consists of senior-level former Guidewire certified professionals with program management, systems architecture, systems integration, business intelligence, digital strategy and management consulting experience.

Post the acquisition, Cynosure will continue to be managed by the founders led by Sid Wadhwa, CEO & Co-founder. The management and team of Cynosure in the US and Bengaluru, India comprising of over 150 experts, will become a part of Zensar' s Insurance vertical.

Shares of ZENSAR TECHNOLOGIES LTD. was last trading in BSE at Rs.915 as compared to the previous close of Rs. 898.45. The total number of shares traded during the day was 1252 in over 136 trades.

The stock hit an intraday high of Rs. 917.2 and intraday low of 881.6. The net turnover during the day was Rs. 1131159.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

JK Tyre & Industries Ltd reports net profit of Rs. 64.24 crores in Q1

Mindtree Ltd posts Q1 net profit of Rs. 158.2 crores

GHCL Ltd Q1 net profit drops to Rs. 61.59 crore

Foseco India Ltd Q2 net profit up at Rs. 8.42 crores

Sasken Technologies Ltd posts surge in Q1 Net Profit to Rs. 28 crores

JM Financial Ltd Q1 net profit up at Rs. 199.06 crores

Mastek Ltd Q1 consolidated PAT surges to Rs. 22.46 crores

Responsive Industries Ltd Q1 net profit zooms to Rs. 16.29 crores

HT Media Ltd reports consolidated Q1 net profit of Rs. 9.14 crore

Ultratech Cement Ltd Q1 net profit falls to Rs. 631.21 crores

NIIT Technologies Ltd Q1 consolidated PAT rises to Rs. 90.4 crore

Bandhan Bank Q1 net profit up 47.5% at Rs. 481.71 crore

Ion Exchange India Ltd calls for board meeting on July 31, 2018

Avenue Supermarts Ltd board to announce Q1 results on July 30, 2018

Optiemus Infracom Ltd to form JV for blockchain based software services

Federal-Mogul Goetze India Ltd board to approve quarterly results on July 31, 2018

IFB Industries Ltd board to announce Q1 results on July 26, 2018

Bandhan Bank Ltd Q1 net profit jumps to Rs. 481.71 crores

Sun Pharma receives U.S. FDA Approval of INFUGEM™ Injection

Tamboli Capital Ltd calls for board meeting on Aug 13, 2018

Thomas Cook India Ltd Launches 'Study Buddy' to leverage the peak student travel season

Quess Corp Ltd board to approve 1st quarter results on July 26, 2018

Samkrg Pistons & Rings Ltd board to consider Q1 results on July 30, 2018

Artemis Global Life Sciences Ltd calls for board meeting on Aug 3, 2018

Nucleus Software announces Q1 FY19 Financial Results

Lakshmi Mills Company Ltd board to consider Q1 results on Aug 13, 2018

Elgi Equipments forms company in Australia

Zydus receives four consecutive ANDA approvals from the USFDA

Jindal Stainless Limited posts 2x jump in Q1 PAT

Reliance Nippon Life Asset Management Ltd board to consider Q1 results on July 25, 2018

CRISIL Ltd announces Q2 CY2018 results

IMFA announces Q1 FY19 results

5paisa Capital - Income for Q1FY19 at Rs. 906 Lakhs

Rallis India Ltd Q1 consolidated PAT higher at Rs. 54.58 crore

Jindal Stainless Ltd Q1 net profit soars to Rs. 90.85 crore

Tata Sponge Iron Ltd Q1 net profit higher at Rs. 45.56 crores

CRISIL Ltd Q2 net profit at Rs. 77.13 crore

Sintex Industries Ltd Q1 PAT up at Rs. 39.12 crores

HDFC AMC IPO to open on July 25, 2018

Nucleus Software Exports Ltd Q1 PAT climbs to Rs. 17.59 crores

Symphony Limited Board to consider First Interim Dividend on July 24, 2018

Acrysil Ltd board to announce Q1 results on July 25, 2018

Udaipur Cement Works Ltd board to approve first quarter results on July 25, 2018

DIAL renews its contract with Majestic Research Services and Solutions Limited

CRISIL Ltd Board declares Second Interim Dividend of Rs. 6 for 2018

TV Today Network Ltd board to announce Q1 results on Aug 9, 2018

Shoppers Stop Ltd closes HomeStop store at Embassy Paragon

JK Paper Ltd board to approve first quarter results on July 31, 2018

Dishman Carbogen Amcis Ltd calls for board meeting on July 25, 2018

Vibrant Global Capital Ltd to further invest in subsidiary





Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2018