ExLService Holdings (EXL) New York-based provider of outsourcing and transformation sources has acquired PDMA (New York), the maker of the LifePRO policy administration system, for $14.1 million in cash net of working capital adjustments, according to an EXL news release. EXL has performed more than 100 discrete process for clients using LifePRO and has developed deep operational expertise, the news release claims.
"By owning this proven technology platform, EXL can provide an end-to-end policy administration solution for clients along a wide range of insurance products," comments Rohit Kapoor, EXL's president and CEO. "Our investment in PDMA will create greater outcome-based pricing options, which will provide mid-market insurers the flexibility to make their policy administration costs more variable and facilitate greater scalability in our business model. The acquisition adds a seasoned management team with deep insurance knowledge and is accretive to GAAP earnings per share.”
The LifePRO system is used by roughly 40 life, annuity and health insurers globally, according to EXL.
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio