Majesco completes acquisition of InsPro Technologies

Majesco Limited informed the bourses that it has completed the acquisition of InsPro Technologies Corporation, which is US-based software leader in the life and annuity insurance market.

With this acquisition, it intends to expand 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 announcement was made before market hours on April 2, 2020 when the stock markets were shut on account of Ram Navami. The amount of the deal has not been disclosed yet.

With the acquisition, 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 Limited is a provider of insurance software, consulting and services for the insurance industry. The company has a presence in United States, Canada, United Kingdom, Malaysia, Thailand, Singapore, New Zealand and India.

Reacting to this announcement, the stock of Majesco Limited locked at its lower circuit of five per cent and thereby, trading was suspended at Rs 230 per share, down by 5 per cent or Rs 12.10 per share. The stock’s 52-week high is Rs 588.40 and the 52-week low is Rs 170.55 on BSE.