Xiamen, China-based technology provider Longtop Financial Technologies Ltd. (LFT) said it will acquire Sysnet Info-tech Corp., a major provider of information technology to China's insurance industry.
The firm said it would be a cash transaction but provided no other details other than saying the deal is expected to close before June 30.
Founded in 1994, Sysnet provides comprehensive, customized information technology solutions and services for major property and life insurance companies. The company also offers enterprise annuity management, marketing and customer relations management, business intelligence as well as management information solutions.
Sysnet's clients include China Life, the largest life insurance company in China, and People's Insurance Company of China, LFT said.
In a financial analysts' note, Deutsche Bank said Sysnet is China's fifth-largest supplier of software and services to the Chinese insurance industry. The move was viewed as a "positive strategic move," strengthening LFT's existing insurance offerings and enabling it to leverage Sysnet's deep customer relationships with the two largest insurance providers in China.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.