Mindtree acquires Scottsdale IT solutions co. Discoverture for $15 million
Mindtree, a technology firm housed across 14 countries, announced on Monday the acquisition of Discoverture Solutions, a Scottsdale-based information technology company focused on providing support to the insurance and healthcare sectors, for $15 million.
According to CEO of Mindtree, Krishnakumar Natarajan, the buy is an attempt to increase Mindtree’s industry coverage. The company, which focuses on e-commerce, mobility, cloud enablement, data analytics and much more, intends to use Discoverture to broaden its reach into the insurance technology business.
“The combination of Mindtree’s P&C (property and casualty) expertise with Discoverture’s capabilities will result in a world-class team which will rank among the leaders in this space,” said Gaurav Johri, the Senior Vice President of Banking Financial Services and Insurance for Mindtree.
As of December of 2014, Mindtree’s revenue stands at $147.7 million with a net profit of $22.8 million. The company had more than 13,000 employees and 201 clients before the Discoverture acquisition.
“As part of Mindtree, we can now engage our proven skills and technology with its full service capabilities to deliver greater value to insurance clients,” said Steve Addair, President of Discoverture.
The acquisition will bring 300 experts to Mindtree’s services across the US, UK, Canada and India in addition to new marquee clients and is expected to close out over the next month.
Graphics provided by Discoverture & Mindtree