Vikaran’s chief executive is Sandeep Mehta.
By Raif Karerat
WASHINGTON, DC: Patriot National, a national provider of outsourcing solutions to the insurance industry, announced Monday that it has acquired Vikaran Solutions, a Chicago-based technology firm that provides software and services to the property and casualty industry.
As part of the transaction, Fort Lauderdale-based Patriot National has also agreed to purchase all outstanding stock in MPCS Pvt. LTD, Vikaran’s state-of-the-art software development center in Pune, India, according to an official media release.
Vikaran’s Indian outpost will allow Patriot to provide greater service, because when programmers in Broward go to sleep, programmers in India are just waking up, Patriot National CEO Steven Mariano Mariano said to the South Florida Business Journal.
The $10 million acquisition backs Patriot National’s dedication to revitalizing its business with technological innovation, Mariano continued. The company expects to add 100 new employees — most of those in programming — at its Broward County offices, he added.
“The acquisitions of Vikaran and MPCS gives us the ability to rapidly expand our technology-based service offerings,” said Steven M. Mariano, Chief Executive Officer of Patriot National.
“This is a huge win, not only for both companies but also for our current and future customers,” added Vikaran chief executive Sandeep Mehta. “Vikaran’s innovative technology platform coupled with Patriot National’s deep business and operational expertise creates a unique value proposition in the insurance marketplace,” Mehta stated.
It’s been a busy year for Patriot National, according to the Insurance Journal. In January, it launched an initial public offering and earlier this month it announced two acquisitions: TriGen Insurance Solutions, a specialty insurance brokerage based in Boca Raton, Fla., with offices in Orlando and Atlanta and Hospitality Supportive Systems, a Springfield, Pennsylvania-based managing general agent and insurance program administrator to the hospitality industry.
“Companies are going to adopt quickly, because technology is coming to everybody,” Mariano told the South Florida Business Journal. “Overall, insurance companies continue to consolidate not only to get bigger, but because they have to figure out ways to adapt to new tech. It costs a lot of money.”