Encora, a global next-generation product engineering provider, has acquired global technology solutions provider Excellarate to strengthen its capabilities in InsurTech, FinTech and HealthTech.
Headquartered in Scottsdale, Arizona and backed by private equity firm Advent International, Encora provides services such as predictive analysis, machine learning, artificial intelligence, IoT, cloud and test automation.
The acquisition, according to Encora, will enhance its capabilities in AI, analytics and automation and will deepen its industry expertise in HealthTech, FinTech and InsurTech.
The company said in recent years it has expanded its global delivery footprint though a combination of organic and inorganic growth.
Venu Raghavan, founder and CEO, Encora, said, “Excellarate has a long history serving a wide range of fast-growing clients in HealthTech, FinTech and InsurTech and we are thrilled to welcome them to the Encora family.
“Nick Sharma and his team will provide valuable expertise and capabilities to strengthen our customer offerings and further our mission of becoming the leading global engineering solutions provider.”
Nick Sharma, CEO, Excellarate, added, “Excellarate is honored to join a company with a reputation for delivering high-quality, industry leading digital solutions to customers in many different high-growth industries around the world.
“Venu, the leadership team, and all those we have met at Encora have welcomed us with open arms. We see this acquisition as a tremendous fit culturally, and feel that our capabilities will provide critical value to Encora’s current and future customers.”
In spite of an uncertain and turbulent year, several key acquisitions in the insurance and InsurTech sector took place in 2022.
The increasing demand for digital and streamlined insurance services is putting pressure on traditional insurers to modernise, and one way to do this is to partner or acquire InsurTechs with new technologies. This was certainly the case for many of the deals in 2022, and will also likely be true of 2023 also. FinTech Global covered some key acquisitions earlier this month.
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