Insurance-tech company Majesco Ltd will acquire United States-based InsPro Technologies Corporation, a software solutions provider in the life and annuity insurance market, it said in a filing with stock exchanges on Friday.
Majesco, which has a presence across North American, European and Asian markets, will acquire Philadelphia-based InsPro for $12 million (Rs 86 crore at current exchange rate), subject to cash and certain debt adjustments.
This is the second reported acquisition Majesco has made in a little over a year. In November 2018, it agreed to acquire Ireland-based SaaS provider Exaxe Holdings Ltd by buying a 90% stake for 6.39 million euros (around $7.2 million or Rs 51 crore then).
The latest buy will help Majesco strengthen and expand its domain in voluntary, group and worksite benefits. Following the acquisition, InsPro will become a wholly-owned subsidiary of Majesco USA and a step-down subsidiary of the Indian entity.
InsPro, set up in 1986, says its team has experience in segments such as accident and health, long-term care, Medicare supplement, and life and annuity insurance. The company offers clients services via the software-as-a-service delivery system.
In its filing, Majesco said it expects the acquisition by April this year. Shares of the company were trading 0.35% up at Rs 389 apiece at the time of writing this report.
The New Jersey-headquartered company, set up by Ketan Mehta in 1992, says it provides services including CloudInsurer P&C (policy, billing, claims), Core Suite, and CloudInsurer LifePlus Solutions.