Renowned software Solution Company Mphasis Ltd. has taken over the US based insurance software provider Wyde Corporation, which will now operate as a product business of Mphasis where it will provide Wyde access to new markets and implementation and integration services to Wyde's clients.

In a filing to the Bombay Stock Exchange, the IT firm has notified that its subsidiary has engaged itself into an agreement to acquire Wyde Corporation, although the Company had denied disclosing the financial details of agreement.

In addition, the filing stated that under the terms of agreement, Mphasis has acquired the liability to hold a 100% equity stake in Wyden and closure of detail is a subject to completion of customary conditions.

While commenting on the agreement, the Chief Executive Officer of Mphasis, Ganesh Ayyar said that enhancing our value proposition to insurance companies was central to our thinking in this case.

"Mphasis will provide Wyde with access to new markets and scale to provide implementation and integration services to our clients”, added the Wyde Corporation Chairman of the Board of Directors, Pierre Barbeis.

Meanwhile, the shares of Mphasis were observed to trade at Rs 453.80 on the BSE, up 1.44 % as compared to the previous close.