Majesco’s subsidiary company -- Majesco, USA has entered into a merger agreement for a merger with InsPro Technologies Corporation, a US based software leader in the life and annuity insurance market. In consideration for the Merger, Majesco shall pay the sellers $12 million, upon the closing of the transaction.
The company will strengthen and expand Majesco’s domain depth in voluntary, group and worksite benefits markets. Accordingly, upon the closing of the Merger, InsPro will become a direct wholly-owned subsidiary of Majesco, and a step-down subsidiary of the Company.
Majesco enables insurance business transformation for approximately 150 insurance customers by providing solutions which include software, consulting and services.
