Patriot National Inc., an insurance outsourcing company specializing in workers compensation, has acquired Vikaran Solutions LLC, a software sales and services company serving the P&C industry.
Patriot National has agreed to purchase all outstanding stock of Vikaran's software development center in Pune, India. The total purchase price for both entities is $10 million, Patriot said. Vikaran and MPCS will become part of Patriot Technology Solutions, Patriot's technology subsidiary.
"The acquisitions of Vikaran and MPCS gives us the ability to rapidly expand our technology-based service offerings," said Steven M. Mariano, Patriot’s CEO. "The team at Vikaran built our proprietary workers' compensation expert system, and together they bring extensive experience in technical consulting, design and development for the commercial and workers' compensation insurance industry. We will also add several new insurance companies to our growing list of clients and over 70 highly trained programmers."
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