Cloud insurance platform software provider Majesco has acquired Utilant, an insurtech company in the US, for an undisclosed sum.
The acquired firm offers survey management SaaS product suite for loss control and premium audit surveys and AI/machine learning (ML) data and analytics.
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It primarily concentrates on the P&C market segment and has more than 87 customers, which include insurance carriers and risk engineering companies.
As part of the deal, Majesco will also launch a new business unit focusing on data and analytics.
The new venture will be led by Utilant’s founder and CEO Patrick Davis.
Davis said: “We are excited to be joining the Majesco team to accelerate P&C insurer’s digital transformation, and I am personally excited to head the new Advanced Data and Analytics business unit.”
Commenting on the deal, Majesco CEO Adam Elster said: “We’re thrilled to welcome Utilant’s customers to our community and look forward to working with them to accelerate their digital transformation.
“Utilant has built an impressive set of SaaS solutions for the P&C insurance segment. They have also been forward-thinking by building their contributory database and AI/ML models that will accelerate our strategy to embed intelligent data and analytics into Majesco’s SaaS platforms.”
Earlier, Majesco partnered with IT giant Infosys to help insurers speed up their digital transformation.
US-based private equity firm Thoma Bravo acquired Majesco in September last year.
