U.S. BPO firm Patriot National, Inc. has agreed to acquired Chicago-based technology company Vikaran Solutions, LLC, along with the latter’s software development center (MPCS) in India.
Fort Lauderdale, Florida-based Patriot said it paid US$10 million for the two entities and both of them will soon be merged into its subsidiary Patriot Technology Solutions.
Vikaran Solutions provides software and services to the property and casualty industry. Analysts say the acquisitions will expand Patriot National’s technology product offerings and provide an outsourcing platform in India.
The acquisition adds several new clients to Patriot in the insurance sector, besides adding over 70 programmers.
“The team at Vikaran built our proprietary Workers’ Compensation Expert system, and together they bring extensive experience in technical consulting, design and development for the commercial and workers’ compensation insurance industry,” said Steven M. Mariano, Chief Executive Officer of Patriot National.
This is the fourth acquisition for Patriot after it listed its share in the U.S. market earlier this year. Recently, it acquired TriGen Insurance Solutions, a specialty insurance brokerage based in Boca Raton, Florida, with offices in Orlando and Atlanta. As recently as last week, it bought Hospitality Supportive Systems, a Springfield, Pennsylvania-based managing general agent and insurance program administrator to the hospitality industry.
“We have collaborated with Vikaran and MPCS for several years and I have the highest level of respect and confidence in their technical skills, innovative thinking and ability to execute,” stated Judith Haddad, President of Patriot Technology Solutions.