Mphasis plan to acquire AIG Systems Solutions

India's one of the leading IT and BPO services provider Mphasis today said it is set to acquire AIG Systems Solutions (AIGSS), part of the troubled insurance giant American International Group Inc(AIG), for an undisclosed amount.
Mphasis has reached a definitive agreement to acquire AIG Systems Solutions, an India-based provider of information technology services and solutions to AIG companies worldwide, Mphasis said in a filing to the Bombay Stock Exchange(BSE).
The company, however, did not disclose the exact financial details of the deal.
"This acquisition gives Mphasis the depth and breadth for us to be the preferred partner of choice in their IT transformation," Mphasis President Applications Services Business Unit Gopinathan Padmanabhan said.
The transaction is subject to legal and statutory requirements.
The script of Mphasis reacted positively to the news and increased over 4 % in morning opening trade to Rs 522. It was later trading at Rs 503, up 0.54 % on the Bombay Stock Exchange(BSE).