Acquisition strengthens and scales Majesco’s position in L&A and group segment, expands growth potential and enhances domain depth as insurers seek successful digital and business transformation
Morristown, NJ (Apr. 1, 2020) – Majesco, a leading cloud and SaaS provider for insurance businesses, announced today that it has completed the acquisition of InsPro Technologies Corporation (OTCBB: ITCC), a U.S. based software leader in the life and annuity insurance market.
InsPro Technologies brings an insurance administration and marketing system that supports group and individual business lines, and efficiently processes agent, direct market, worksite and website generated business. Majesco expands their customer portfolio of leading insurers and third-party administrators who currently process over 15 million policies daily, including some with over a million policies each.
The expertise, talent and experience that the InsPro Technologies team brings is critical to meeting the demands of today’s digital customer and reinforces Majesco’s commitment to creating a future of insurance that is agile, nimble and fast. InsPro also strengthens and supports Majesco’s strategy to continue leading the industry with innovative, cloud-based solutions that help carriers take advantage of current market opportunities.
“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,” commented Adam Elster, CEO of Majesco. “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, Inc. and Morgan, Lewis & Bockius LLP represented InsPro Technologies and Needham & Company, LLC and Sheppard, Mullin, Richter & Hampton LLP represented Majesco in the acquisition.
Majesco (NASDAQ:MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st Insurance™ with Digital1st eConnect™, Digital1st EcoExchange™ and Digital1st Platform™ – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.
Cautionary Language Concerning Forward-Looking Statements
is press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in reports that Majesco and InsPro Technologies file from time to time with the Securities and Exchange Commission (the “SEC”) and which you should review, including those statements under “Item 1A – Risk Factors” in the Annual Reports on Form 10-K of Majesco and InsPro Technologies, as may be amended by their Quarterly Reports on Form 10-Q.
Among the key factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are the following: (i) the expected timeframe for completing the merger; (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; (iii) the risk that one or more of the conditions to closing of the merger may not be satisfied, including, without limitation, the approval of the merger by InsPro Technologies’ stockholders; (iv) the risk of disruptions to current plans and operations, increased operating costs and the potential difficulties in maintaining customer, supplier, employee, operational and strategic relationships as a result of the announcement and consummation of the merger or otherwise; (v) adverse results in any legal proceedings that may be instituted against InsPro Technologies, Majesco, their respective affiliates or others following announcement of the merger; (vi) the risk that unexpected costs will be incurred in connection with the merger; (vii) the risk that the projected value creation and efficiencies from the merger will not be realized, or will not be realized within the anticipated time period; (viii) Majesco’s ability to promptly, efficiently and effectively integrate InsPro Technologies’ operations into those of the combined company; (ix) working capital needs; (x) continued compliance with government regulations; (xi) labor practices; (xii) the combined company’s ability to achieve increased market acceptance for its product and service offerings and penetrate new markets; and (xii) the possibility that InsPro Technologies or Majesco may be adversely affected by other economic, business and/or competitive factors, including rapidly changing customer preferences and trends.
Additional information concerning these and other factors can be found in Majesco’s and InsPro Technologies’ filings with the SEC, including Majesco’s and InsPro Technologies’ most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and in the proxy statement to be filed by InsPro Technologies in connection with the proposed transaction. These forward-looking statements should not be relied upon as predictions of future events and neither Majesco nor InsPro Technologies can assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. Readers should not regard these statements as a representation or warranty by Majesco or InsPro Technologies or any other person that these objectives and plans will be achieved in any specified timeframe, or at all. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Majesco and InsPro Technologies are under no obligation to, and expressly disclaim any obligation to, update or alter any forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise, except as required by applicable law.
SOURCE: MajescoTags: Acquisition, Life & Annuity, Majesco