MphasiS to acquire software vendor Wyde

Moneycontrol Bureau

IT services company MphasiS has entered into an agreement to acquire Wyde Corp, an international software vendor and creator of insurance policy administration solution Wynsure in an all cash deal.

Ganesh Ayyar the CEO of MphasiS separately told CNBC-TV18 the company paid 2-4.5 times of sales to acquire Wyde. Wyde had revenue of USD 30 million with EBITDA (earnings before interest, taxes, depreciation and amortization) at 18% in 2010.

Wyde acquisition will be EBITDA accretive and MphasiS hopes to close the deal in the next 30 days, he added.

"Wyde caters to a robust customer base, which include Tier I as well as mid-market insurers across the US, France and Canada...The acquisition of Wyde will extend MphasiS