{"id":59985,"date":"2020-04-01T16:01:22","date_gmt":"2020-04-01T20:01:22","guid":{"rendered":"https:\/\/staging.majesco.com\/?post_type=press&#038;p=59985"},"modified":"2020-06-03T11:07:24","modified_gmt":"2020-06-03T15:07:24","slug":"majesco-acquires-inspro-technologies-strengthens-and-scales-its-position-in-la-and-group-segment","status":"publish","type":"press","link":"https:\/\/staging.majesco.com\/?press=majesco-acquires-inspro-technologies-strengthens-and-scales-its-position-in-la-and-group-segment","title":{"rendered":"Majesco Acquires InsPro Technologies: Strengthens and Scales its Position in L&#038;A and Group Segment"},"content":{"rendered":"<p><em>Expands growth potential and enhances domain depth as insurers seek successful digital and business transformation <\/em><\/p>\n<p><strong>Morristown, NJ\u00a0<\/strong>\u2013 April 1, 2020\u00a0\u2013 Majesco (NASDAQ: MJCO), a leading cloud and SaaS provider for insurance businesses, announced today that it has completed the acquisition of InsPro Technologies Corporation (OTCBB:\u00a0<strong>ITCC<\/strong>), a U.S. based software leader in the life and annuity insurance market.<\/p>\n<p>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.\u00a0 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.<\/p>\n<p>The expertise, talent and experience that the InsPro Technologies team brings is critical to meeting the demands of today\u2019s digital customer and reinforces Majesco\u2019s commitment to creating a future of insurance that is agile, nimble and fast. InsPro also strengthens and supports Majesco\u2019s strategy to continue leading the industry with innovative, cloud-based solutions that help carriers take advantage of current market opportunities.<\/p>\n<p>\u201cOur acquisition of InsPro Technologies complements and expands one of our key strategic focus areas. We have been investing in our L&amp;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,\u201d commented Adam Elster, CEO of Majesco. \u201cWe\u2019re excited to welcome InsPro\u2019s Technologies customers to our community and look forward to helping them build the future of their business.\u201d<\/p>\n<p>Nomura Securities International, Inc. and Morgan, Lewis &amp; Bockius LLP represented InsPro Technologies and Needham &amp; Company, LLC and Sheppard, Mullin, Richter &amp; Hampton LLP represented Majesco in the acquisition.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<h2>About Majesco<\/h2>\n<p>Majesco (NASDAQ: MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business \u2013 and the future of insurance \u2013 at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal.\u00a0 Over 200 insurance companies worldwide in P&amp;C, L&amp;A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer\u00ae P&amp;C Core Suite (Policy, Billing, Claims); CloudInsurer\u00ae LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer\u00ae\u00a0 L&amp;A and Group Core Suite (Policy, Billing, Claims); Digital1<sup>st<\/sup> Insurance&#x2122; with Digital1<sup>st<\/sup> eConnect&#x2122;, Digital1st EcoExchange&#x2122; and Digital1<sup>st<\/sup> Platform&#x2122; \u2013 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.<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<h2>Cautionary Language Concerning Forward-Looking Statements<\/h2>\n<p>This press release contains forward-looking statements within the meaning of the \u201csafe harbor\u201d 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 Majesco\u2019s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under \u201cItem 1A \u2013 Risk Factors\u201d in Majesco\u2019s Annual Report on Form 10-K, as amended by its Quarterly Reports on Form 10-Q.<\/p>\n<p>Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to:\u00a0integration risks; \u00a0changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; technology development risks; intellectual property rights risks; competition risks; additional scrutiny and increased expenses as a result of being a public company; the financial condition, financing requirements, prospects and cash flow of Majesco; loss of strategic relationships; changes in laws or regulations affecting the insurance industry in particular; restrictions on immigration; the ability and cost of retaining and recruiting key personnel; the ability to attract new clients and retain them and the risk of loss of large customers; continued compliance with evolving laws; customer data and cybersecurity risk; and Majesco\u2019s ability to raise capital to fund future growth.<\/p>\n<p>These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot 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. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Expands growth potential and enhances domain depth as insurers seek successful digital and business transformation Morristown, NJ\u00a0\u2013 April 1, 2020\u00a0\u2013 Majesco (NASDAQ: MJCO), a leading cloud and SaaS provider for insurance businesses, announced today that it has completed the acquisition of InsPro Technologies Corporation (OTCBB:\u00a0ITCC), a U.S. based software leader in the life and annuity&hellip;<\/p>\n<div class=\"wp-block-button is-style-transparent-arrow\"><a class=\"wp-block-button__link majesco-2022-read-more-link\" href=\"https:\/\/staging.majesco.com\/?press=majesco-acquires-inspro-technologies-strengthens-and-scales-its-position-in-la-and-group-segment\">View Full Resource <\/a><\/div>\n","protected":false},"featured_media":0,"template":"","solution":[],"customers":[],"partners":[],"solution-categories":[],"class_list":["post-59985","press","type-press","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Majesco Acquires InsPro Technologies Corporation<\/title>\n<meta name=\"description\" content=\"Expands growth potential and enhances domain depth as insurers seek successful digital and business transformation Morristown, NJ\u00a0\u2013 April 1, 2020\u00a0\u2013\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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