IT and BPO services provider MphasiS on Wednesday said it is set to acquire AIG Systems Solutions (AIGSS), part of the troubled insurance giant American International Group Inc, for an undisclosed amount.
MphasiS has reached a definitive agreement to acquire AIG Systems Solutions, an India-based provider of information technology services and solutions to AIG companies worldwide, MphasiS said in a filing to the Bombay Stock Exchange.
The company, however, did not disclose the financial details of the deal.
"This acquisition gives MphasiS the depth and breadth for us to be the preferred partner of choice in their IT transformation," Gopinathan Padmanabhan, president, Applications Services Business Unit, MphasiS said. The transaction is subject to legal and statutory requirements.
The scrip of MphasiS reacted positively to the news and surged over four per cent in morning trade to Rs 522. It was later trading at Rs 503, up 0.54 per cent on the BSE.
Pursuant to the acquisition the expanded team would provide innovative services focused around improving customer service, operational efficiencies, reducing time to market and increasing customer satisfaction for insurance clients.
Based in Chennai and Kolkata, AIGSS has more than 800 employees and is engaged across variety of technology and applications domains.