Mphasis to acquire US-based Wyde Corp

Wyde Corp8217;s 2010 revenue was over 30 million

Wyde to operate as a product business of Mphasis post acquisition

Post acquisition,Wyde,which has over 200 employees with insurance domain expertise,would operate as a product business of Mphasis,the Indian firm said in a statement.

Financial details of the transaction were not immediately provided.

Wyde8217;s revenue was over 30 million in 2010,its website showed.

The acquisition demonstrates our focus on strategy execution,Ganesh Ayyar,chief executive officer,Mphasis,said in a statement.

The mid-sized Indian software firm had acquired AIG Software Systems in 2009,its first buy in the insurance space.

Mphasis will provide Wyde access to new markets and scale to provide implementation and integration services to our clients,Pierre Barberis,chairman of board of directors,Wyde,said in a statement.

Credit Agricole CIB,Goodwin Procter LLP,Nishith Desai Associates and SJ Berwin advised Mphasis on the deal.

At 9:57 a.m. 0427 GMT,shares of Mphasis,valued at 94.2 billion rupees 2.13 billion,were trading at 450.25 rupees,up .97 percent in a firm Mumbai market.

1 = 44.19 rupees

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