Computer Sciences Corporation (CSC) has announced its acquisition of Mynd, the New York Stock Exchange-listed specialist insurance software and services provider.
Previously trading as Policy Management Systems Corporation, Mynd renamed and relaunched itself almost a year ago.
[VIDEO]Soon after that, says Derek Brown, former Mynd MD and now head of CSC Financial Services Solutions SA, the company began looking for partners to allow it to continue growing at the rate which shareholders and market observers had come to expect over the company`s 25 year operating history.
"We had quite a number of suitors, including EDS, and the final negotiations culminated in partnership with CSC."
[VIDEO]Brown says he prefers to think of the deal as a partnership, rather than an acquisition. "It`s been no challenge to merge the corporate cultures - we don`t even feel as if we`re being acquired. It`s more like being partnered by a big brother."
Mynd services 35% to 40% of the short-term insurance providers in Southern Africa. Its client base includes AIG, Mutual and Federal, Fedsure, FGI Namibia, Momentum Life, Alacrity, RM Insurance Zimbabwe, SA Eagle, Eagle Botswana and Zimbabwe.
Martin Vergunst, MD of CSC SA, says in addition to increasing CSC`s South African resource base, he believes the acquisition confirms the company`s commitment to long-term investment in the South African market.
[VIDEO]Vergunst says the acquisition is set to change the face of the SA financial services industry, with expanded global IT solutions now being made available to local players at what he believes is a more cost-effective rate.
CSC counts Old Mutual, Nedcor, Absa and Hollard among its South African clients.
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