Zensar has agreed to acquire Chicago-based Cynosure Inc. to develop platform capabilities for the insurance segment.
Cynosure focuses on providing Guidewire platform implementation services to property and casualty insurance carriers. The acquisition of Cynosure is expected to help Zensar expand in the insurance software market.
Zensar Technologies Ltd. will acquire the entire share capital of Cynosure Interface Solutions Private Ltd., and its wholly owned subsidiary, Zensar Technologies Inc., will acquire the entire share capital of Cynosure Inc. The acquisition will be funded by a mix of internal accruals and external debt.
After the acquisition, Cynosure will continue to be managed by CEO and co-founder Sid Wadhwa. The management and team of Cynosure in the U.S. and Bengaluru, India, comprising more than 150 employees, will join Zensar's insurance vertical.
Zensar is an RPG Enterprises Ltd. company.
Sherman & Co. LLC advised Cynosure on the transaction.