Florida-based workers’ compensation outsourcing services firm Patriot National Inc. has acquired Vikaran Solutions, a Chicago-based insurance technology company, and its Pune, India-based software development center, MPCS.
The company said total purchase price for both entities is approximately $10 million. The transaction is expected to close on or about April 30, 2015.
Vikaran and MPCS will become part of the company’s technology subsidiary, Patriot Technology Solutions.
These acquisitions will expand Patriot National’s technology product offerings and provide an outsourcing platform in India.
The two firms know each other. Vikaran built Patriot National’s own proprietary workers’ compensation expert system.
“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,” said Judith Haddad, president of Patriot Technology Solutions, She said that with the addition of Vikaran’s core product, Patriot National offers a “complete insurance value- chain” product for current and potential clients.
Steven M. Mariano, chief executive officer of Patriot National, said the deal also adds more than 70 programmers and several Vikaran insurance company clients to Patriot National’s list of clients.
This has been a busy year Patriot National. In January, it launched an initial public offering (IPO). Earlier this month it announced two acquisitions: TriGen Insurance Solutions, a specialty insurance brokerage based in Boca Raton, Fla., with offices in Orlando and Atlanta and Hospitality Supportive Systems, a Springfield, Pennsylvania-based managing general agent and insurance program administrator to the hospitality industry.
Patriot National offers outsourced agency, technology, underwriting, claims and policyholder services for workers’ compensation to insurance companies, employers, local governments and reinsurance captives.
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