A company that handles insurance industry outsourcing in the workers compensation space has snatched up a business that provides software and services to P/C companies.
Specifically, Patriot National paid $10 million for Vikaran Solutions in Chicago and also MPCS Pvt. Ltd., Vikaran’s software-development center based in India.
When the deal is done, Vikaran and MPCS will become part of Patriot National subsidiary Patriot Technology Solutions.
Patriot National, which is based in Florida, offers workers compensation-related outsourcing to insurance companies, employers, local governments and reinsurance captives. Offerings include general agency services, technology outsourcing, specialty underwriting, policyholder services and claims administration services.
By grabbing Vikaran Solutions, Patriot is expanding its reach, but also building on a long-standing relationship.
“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,” Patriot National CEO Steven Mariano said in prepared remarks.
Mariano added that the acquisition will allow Patriot to “add several new insurance companies to our growing list of clients and over 70 highly trained programmers.”
Source: Patriot National