Majesco, a cloud insurance software solutions for insurance business transformation company, announced that it has entered into a merger agreement for the acquisition of InsPro Technologies Corporation, a U.S. based software company in the life and annuity insurance market.
The InsPro Enterprise platform is an insurance administration and marketing system that supports group and individual business lines, and efficiently processes agent, direct market, worksite and web site generated business.
Headquartered near Philadelphia, PA, InsPro Technologies brings a team of over 50 dedicated employees with deep experience in the accident & health, long term care, Medicare supplement, life and annuity market segments. The acquisition will strengthen and expand Majesco’s domain depth in voluntary, group, voluntary benefits, and worksite markets that will enable successful digital transformation journeys for insurers.
“The InsPro team brings years of experience and amazing talent to the global Majesco team. Together, we’ll focus on bridging customers to the new world with continuous software innovation that help them take advantage of the market growth opportunities in today’s insurance experience with cloud and digital transformation,” said Adam Elster, CEO of Majesco.
John Heidelberger, InsPro Technologies’ Customer Delivery Leader said, “We are delighted to join the Majesco family. We looked long and hard for a partner that shared our view of the digital future for group and individual insurance lines. As a former insurance industry CIO and long term practitioner, I’m confident our line of business policy processing experience coupled with Majesco’s significant investments in digital solutions will allow us to offer our combined customer base a wider selection of solutions while providing even greater career opportunities for our committed team.”
The transaction is structured as a cash for stock merger and is subject to customary closing conditions, including InsPro Technologies’ stockholder approval. The transaction is expected to close in April 2020. Majesco intends to finance the total consideration in the transaction of approximately $12 million, subject to adjustments (including for cash and certain debt of InsPro Technologies), through available cash.
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