MajescoMastek to expand footprint in North America, Europe and Asia with more than 100 customers globally
New York, NY (Sept. 23, 2014) – MajescoMastek, the provider of core insurance systems and services to over 80 insurance carriers in North America, has announced that its parent company Mastek will demerge its insurance technology business as a separate and new company.
The Board of Directors of MajescoMastek’s parent company Mastek Ltd has approved a proposal to consolidate Mastek’s global insurance businesses into a single distinct entity ‘Majesco’. This will allow the entire insurance technology value chain to be rolled-up under one company serving more than 100 insurance carriers globally. Majesco will be an independent publicly listed company in India subject to regulatory approvals.
Ketan Mehta, CEO of MajescoMastek will take over as the CEO of Majesco Ltd and will now focus on growing the global insurance business at Majesco. “The world-wide insurance industry is in the midst of a once in a generation modernization cycle, providing an excellent opportunity for Majesco to gain a large share in the growing market,” said Ketan Mehta. “Majesco, as an independent company, will be better positioned to pursue a domain centric business model and make necessary investments in R&D, talent development and brand building. Majesco will be poised to be the one-stop technology solutions provider for insurance carriers globally.”
Key benefits of the proposed restructuring include:
- Offer a dedicated management team focused on a single business vertical – insurance.
- Facilitate Majesco to independently pursue growth plans through organic and inorganic means.
- Leverage cross border synergies between insurance clients across geographies.
- Provide a wider spectrum of intellectual property offerings to global customers and market needs.
- Provide an opportunity for shareholders to participate in the Insurance business.
The proposed restructuring is subject to necessary shareholder and legal approval and expected to be fully operationalized in the second quarter of 2015.
MajescoMastek is a provider of core insurance technology software and IT services to over 80 carriers in North America. MajescoMastek delivers proven solutions and IT services in core insurance areas including policy administration, billing, claims and distribution. MajescoMastek is a subsidiary of Mastek (NSE: MASTEK).
For more information, please visit us on the Web at www.majescomastek.com, or call 1-800-249-9540.