Quess Corp Ltd- Acquisition of MFX
Bangalore January 1, 2016: Quess Corp Ltd. (“Quess) today announced the completion of the acquisition of MFXchange holdings Inc (“MFX”) from Fairfax Financial Holdings Limited (“Fairfax”) with the purchase of the remaining 51% stake in the company pursuant to the terms of a share purchase agreement that was entered into Fairfax on November 3, 2014 (the “Purchase Agreement”). Quess had earlier acquired a 49% stake in MFX from Fairfax in November 2014 under the Purchase Agreement.
Based out of Morristown, NJ (US), MFX is leading provider of hosted information technology applications and outsourcing solutions for the U.S. commercial property and casualty insurance industry.
The acquisition is expected to strengthen Quess’ Global Technology Solutions business segment due to MFX’s presence in the niche insurance focused IT Products and Solutions space in North America.