Majesco, a provider of core insurance technology software and IT services to insurance carriers, is acquiring insurance software business in India, whose details have not been disclosed.
Majesco’s Indian subsidiary Majesco Software Solutions India Private Limited (MSSIPL) will acquire the insurance software company, from its parent company Majesco Limited, after receiving shareholders’ and statutory regulatory approvals.
The purchase of the India insurance software business will simplify group’s operating structure and consolidates the business under Majesco.
Majesco CEO Adam Elster said: “The acquisition of the India Business and consolidation under the operating entity will ensure sharper focus on our global solutions and capabilities, enabling us to deploy best practices and achieve operational synergies.
“We view this acquisition as part of Majesco’s vision to build the future for insurance and look forward to maximizing our potential as a leading digital transformation player. Majesco’s strength, coupled with its complementary suite of innovative digital solutions and deep insurance industry expertise means we can offer a wider selection of solutions to new and existing clients and provide greater career opportunities for our committed team.”
In addition to the acquisition in India, the company had promoted Manish Shah as the president and chief product officer and appointed Jim Miller as chief revenue officer. Both of them will report to Adam Elster and will be based in Morristown, New Jersey.
Shah joined the company in 2015, as part of the merger with Cover-All Technologies and previously served as the executive vice president of the product organization.
Elster said: “Manish has played a critical role in shaping Majesco’s technology vision. His leadership, combined with his deep technical expertise and extensive knowledge of the insurance industry will further accelerate our growth and product innovation.”
Miller is a senior software executive to have joined Majesco, after a successful career at CA Technologies, where he was responsible of sales strategy for products and field teams across multiple business units worldwide. He will support Majesco in terms of its overall go-to-market methodology and could support in executing the company’s growth strategy.
Last month, American Public Life Insurance (APL) selected Majesco’s L&A and Group Core Suite platform as the foundation for its digital business transformation strategy. APL’s core business including gap, accident, hospital indemnity, critical illness, cancer, short-term disability, dental and life insurance, will be implemented onto the new platform.