Today’s issue of WorkCompRecap features Patriot National’s announcement of its acquisition of Vikaran Solutions, a Chicago-based technology company that provides software and services to the property and casualty industry. As part of the transaction, Patriot National has also entered into a definitive agreement to purchase all outstanding stock of MPCS Pvt. LTD (MPCS), Vikaran’s software development center in Pune, India in a deal expected to close near the end of this month.
The total purchase price for both entities is approximately $10 million. Vikaran’s estimated 2015 EBITDA is around $322,000 excluding any expected synergies. This transaction continues Patriot’s acquisition streak as the third to be announced this month alone.
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