Max New York Life Insurance, India's leading private life-insurance company has entered into a strategic alliance with 3i Infotech to market its Max Vijay Insurance Savings box and develop its reach to consumers in remote rural areas, via 12,500 I-SERV stores across nine states of the country.
The states list includes Haryana, Uttar Pradesh, Madhya Pradesh, Gujarat, Maharashtra, Goa, Andhra Pradesh, Tamil Nadu and Delhi.
Software service provider, 3i infotech Ltd has chalked out a plan to expand its network in rural parts of country. It would set up 12,500 rural outlets with investment of 2 billion by the end of December. The outlets would be branded as 'I-SERV' and provide range of services including insurance and telecom related services.
Software services firm 3i Infotech has informed that it has completed the acquisition of California-based Regulus Group, for $100 million (approximately Rs 429 crore).
Regulus Group is an independent remittance and document processing services provider. The company handles over 2.1 billion paper and electronic transactions annually. It has clients in the insurance, finance, telecom, utilities and healthcare sector.
Regulus operates through 10 processing centres in California, Georgia, Illinois, New Jersey, North Carolina, Iowa and Texas.
3i Infotech, a global provider of IT solutions and services, has informed that it has acquired 51% stake in Fineng Solutions Pvt. Ltd, with a commitment to acquire remaining stake in two tranches over a period.
FinEng is a Mumbai based company engaged creating and selling software products and developing software solutions. It owns certain proprietary software providing various business solutions in the financial sector, namely in the Mutual Fund segment, Wealth Management and credit risk space.
Software services firm 3i Infotech announced that it has decided to enter China through a joint venture (JV) with a Chinese IT solutions and services firm Yucheng Technologies Ltd.
The company has already signed a Memorandum of Understanding (MoU) with Yucheng Technologies for setting up a joint venture to offer products and services to financial services firms in China.
The company sources told that 3i will hold major stake (51%) in the joint venture, whereas Yucheng possesses the remaining 49%.