Polaris Software signs definitive agreement to acquire SEEC Inc, a US based Insurance Technology Solutions Company

Polaris Software Lab Limited (POLS.BO), a global leader in specialty application development in the Banking, Financial and Insurance sectors, today announced that it has signed a definitive agreement to acquire SEEC Inc (www.seec.com), a US based Product and Component Services Company for Insurance Vertical in an all cash deal.

Mumbai, Maharashtra, September 30, 2008 /India PRwire/ -- Polaris Software Lab Limited (POLS.BO), a global leader in specialty application development in the Banking, Financial and Insurance sectors, today announced that it has signed a definitive agreement to acquire SEEC Inc (www.seec.com), a US based Product and Component Services Company for Insurance Vertical in an all cash deal.

Under the terms of the definitive agreement, Polaris has proposed to acquire SEEC USA, including Intellectual property, Business Trademarks, Trade brands and infrastructure facilities.

A 2008 finalist of the IBM Beacon Award & Winner of ACORD Award for SOA, SEEC enables Insurance firms deliver a seamless customer experience across all products, channels and Lines of Business using the “SEEC Advantage Library™”. SEEC has designed, built and tested hundreds of non-proprietary, SOA software components that can be quickly assembled to deliver business solutions that streamline service, accelerate sales, and improve productivity across the enterprise. SEEC is a trusted provider to over 12 Global Insurance companies

Commenting on the acquisition, Arun Jain, Chairman & CEO, Polaris Software Lab Ltd. said, “SEEC is an innovative company and well respected in the global marketplace. This deal forms the pivot of our growth strategy in the Insurance space with access to thought leadership, Intellectual property and ACORD compliant business components.”

Ravindra Koka, Founder and Chief Technology Officer, SEEC Inc. said, “We believe that the Insurance market is poised for higher growth in the areas of Claims, Sales and Product Management & Customer Service. Having evangelized this with a few lead firms, we were looking for a large complementing Financial Services & Insurance focused technology firm that understands the emerging Component business model and help us with investments and enable our growth. We believe the merger with Polaris is very synergistic and will enable us to serve our customers in a more comprehensive manner with the critical business transformation that is needed to stay competitive”.

Notes to Editor

About Polaris Software Lab

Polaris Software Lab (POLS.BO) is a recognized global leader in Specialty Application Development for the Banking, Financial and Insurance sector, with its comprehensive portfolio of products, smart legacy modernization services and consulting. Polaris has a talent strength of over 10,000 solution architects, domain experts and technology experts and owns the largest set of Intellectual Properties in the form of a comprehensive product suite and nine banking platforms for Retail Banking, Corporate Banking and Investment Banking.

For more information, please visit http://www.polaris.co.in/.

About SEEC, Inc.

SEEC helps the world’s leading insurance, healthcare and financial services firms to deliver a seamless customer experience across all products, channels and lines of business. Within the SEEC Advantage Library™, we have designed, built and tested hundreds of non-proprietary, SOA software components that can be quickly assembled to deliver business solutions that streamline service, accelerate sales, and improve productivity across the enterprise. Unlike traditional applications, SEEC solutions leverage data and systems already in place, liberating the business from struggling with silo’ed applications and avoiding the risk of rebuilding or replacing proven assets. And because SEEC components are designed for SOA, they can be reused across channels and product lines, increasing agility and lowering IT costs. With SEEC, IT organizations gain a significant competitive advantage – faster, more flexible solutions at lower cost than building from scratch.

Please visit www.seec.com.

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