Majesco has completed the acquisition of InsPro Technologies, a software company, to bolster its presence in the US life and annuity insurance market.
The acquisition is expected to help Majesco expand its customer portfolio of insurers and third-party administrators who process around 15 million policies daily.
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InsPro Technologies brings in to the company an insurance administration and marketing system that supports group and individual business lines.
Majesco CEO Adam Elster said: “Our acquisition of InsPro Technologies complements and expands one of our key strategic focus areas. We have been investing in our L&A and Group business and our solid performance and financial position allow us to continue partnering with companies to accelerate and enable their cloud journey and business transformation”
“We’re excited to welcome InsPro’s Technologies customers to our community and look forward to helping them build the future of their business.”
Nomura Securities International and Morgan, Lewis & Bockius LLP represented InsPro Technologies in the acquisition.
Majesco was represented by Needham & Company, LLC and Sheppard, Mullin, Richter & Hampton LLP.
The company inked the agreement to acquire InsPro Technologies in January this year.
It agreed to pay $12m as total consideration for the transaction, structured as cash for stock merger deal.
