Information Technology and BPO services provider Patni Computer Systems on Tuesday said it won a multi-million dollar deal from Universal American, a senior health insurance company in the US.
"It is a five-year agreement for providing end-to-end policy administration services for Universal American Corp," Patni Computer said in a statement in Mumbai.
In addition, Patni has also signed a definitive agreement to acquire CHCS Services Inc, a wholly owned subsidiary of Universal American, it said.
Commenting on the development, Patni CEO Jeya Kumar said, "this move takes on dual significance for Patni in terms of growing our global Life and Healthcare Insurance business as well as establishing us as a TPA."
The acquisition would create a new hub for Patni in Pensacola Fla, and establish a new line of business for the company as a Third-Party Administrator (TPA) in the Insurance and Healthcare sector, it pointed out.
"This acquisition is a major milestone in our endeavour to expand our platform based offerings," said Patni SVP and Global Head – BFSI, Ganesh Iyer.