Selective's PDA Software Sold
NU Online News Service, June 4, 3:02 p.m. EST??Selective Insurance Group Inc. said it has sold PDA Software to Covansys, the global consulting and technology services company, for approximately $16.5 million.
Selective, of Branchville, N.J., purchased PDA in 1998. The company said it felt it was time to reposition the software division with a company that "more closely aligns with the technology industry."
The purchase would allow Selective to recover its investment of $5 million for development of its claims and flood systems and record a gain of $600,000 on the overall deal, the company said.
Covansys, based in Farmington Hills, Mich., said the deal would strengthen the consulting firm's outsourcing capabilities, especially in the insurance industry.
Covansys said PDA is also a leader in "development, implementation and maintenance of systems for states required to meet federal tracking and reporting mandates of the Women, Infants & Children (WIC) Program."
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