IT firm iGate has bagged a five-year contract with Lansforsakringar Alliance in Sweden worth $35 million.
Lansforsakringar Alliance is one of Sweden's largest financial services institutions with business divisions covering life, non-life and banking markets.
iGate will be a strategic application developer and maintenance supplier for the Swedish firm's business support system, including business intelligence systems, integration, compliance, document support, finance and payment systems.
The US-based firm will also provide IT services over life and non-life insurance business units, iGate said in a statement.
As part of the engagement, iGate will open a delivery centre in Stockholm. This centre will be committed not only to local hiring but also to building iGate's nearshore delivery capabilities for the European region.
"This deal will increase our presence in the Nordics through the creation of a new delivery centre. We are extremely pleased with the technical and language-based skills available locally and know this expertise will enable us to build scale and capability in the region," iGate Executive Vice-President and Head (Europe and Australia) Derek Kemp said.
The deal, valued at $35 million, will be enacted over an initial five-year engagement and will be delivered within Lansforsakringar Alliance.