Majesco (NASDAQ: MJCO), a Morristown, N.J.-based cloud and SaaS provider for insurance businesses, completed the acquisition of InsPro Technologies Corporation (OTCBB: ITCC), a U.S. based software leader in the life and annuity insurance market.
The amount of the deal was not disclosed.
With the acquisition, InsPro Technologies brings to Majesco an insurance administration and marketing system that supports group and individual business lines, and processes agent, direct market, worksite and website generated business.
Led by Adam Elster, CEO, Majesco provides technology and expertise to insurers to modernize, innovate and connect to improve their solutions at speed and scale. Its 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. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits currently use them.