Tech Mahindra Acquires Com Tec Co IT Ltd and invests in two InsurTech platforms

CTC is an IT solutions and service provider serving the insurance and financial services industries with development centres in Latvia and Belarus.

Tech Mahindra said the acquisition will enable the company to tap the potential industry disruption in the insurance sector, expand its offerings to high-end digital engineering services for some of the largest insurance, re-insurance and financial services organizations globally and scale its nearshore delivery presence.

“The Insurance industry is currently undergoing a significant transformation which is driven by new emerging business models, that are powered by disruptive digital technologies. In order to enable this digital transformation, we are investing in strengthening our capabilities to support insurers in accelerating their transition to cloud-based platforms and provide end-to-end engineering with a strong European nearshore presence,” Vivek Agarwal, President – BFSI, HLS, and Corporate Development, Tech Mahindra, said.

CTC’s expertise and experience in delivering marquee solutions for customers will complement Tech Mahindra’s offering to provide end-to-end digital engineering, Artificial Intelligence, Machine Learning and DevSecOps capabilities. The acquisition will also help Tech Mahindra to scale its European presence with over 700 highly skilled IT professionals in contemporary technologies and processes, the company said in a statement.

“Becoming a part of a global entity like Tech Mahindra will give us immediate access to global scale and create a tremendous growth and development opportunity for our people and the business,” Avraham Shaked, Co-Founder, Com Tec Co IT Ltd, said.

Tech Mahindra is also investing a cumulative amount of €20 million, in SWFT and Surance, for a 25% ownership in each of these two InsurTech ventures funded by the same founding group as CTC.

SWFT is a SaaS-based digital customer engagement platform. It offers multiple functionalities for insurance sales & distribution and is designed for digital brokers, price comparison websites, and insurers wanting to directly reach their customers through digital channels. Surance is an end-to-end personal cyber insurance solution that focuses on vulnerability assessment, cyber protection, and cyber insurance coverage.