It will accelerate FirstApex's global business expansion in the Asian property and casualty markets
NTT DATA, a leading Japanese IT solutions and service provider in system consultation, integration and design, on Wednesday announced the acquisition of a 79.7 per cent stake in FirstApex, an IT product developer for the insurance industry, for an undisclosed sum.
FirstApex having its operational headquarters in Bangalore is a leading SEI CMM Level 4 certified provider of solutions and services dedicated solely to the insurance industry. Among its customers are Mitsui Sumitomo Insurance, Lloyds, NIPPONKOA, Royal and SunAlliance Group, HDFC Ergo, Marsh and Allianz Group.
“This acquisition is a part of our global expansion plan,” said Minoru Suzuki, Head, Insurance division, NTT DATA.
The “excellent products of FirstApex” will help NTT in its expansion drive,” he told presspersons in Bangalore. FirstApex, he said, would now service NTT DATA group, enabling it to accelerate its global business expansion in the fast-growing Asian property and casualty (P&C) and re-insurance markets. NTT DATA, one of the largest implementers of SAP, has a revenue base of $12.3 billion and an employee strength of about 34,000.
Terming NTT DATA as the “best possible and perfect partner”, Chairman of FirstApex, Suresh Prabhu, said: “We needed a strategic partner to leverage our product globally and take us to higher levels. “It was also a perfect time since the global insurance industry is shifting its focus from the U.S./U.K./ Europe markets to the Asian market in which China and India are the main players.”
According to Chief Executive Officer, FirstApex, S. Sivakumaran, insurance products outsourcing will be taken up both in developed and developing countries.