Majesco, a provider of cloud insurance software solutions, announced Jan. 30 that it entered into a merger agreement to acquire InsPro Technologies Corporation, a software company in the life and annuity insurance market based in Philadelphia.
InsPro Technologies offers the InsPro Enterprise platform, an insurance administration and marketing system that supports group and individual business lines as well as processes agent, direct market, worksite, and website generated business. The company brings a team of more than 50 employees to Majesco.
“The InsPro team brings years of experience and amazing talent to the global Majesco team,” Adam Elster, CEO of Majesco, which is based in Morristown, New Jersey, said. “Together, we’ll focus on bridging customers to the new world with continuous software innovation that helps them take advantage of the market growth opportunities in today’s insurance experience with cloud and digital transformation.”
“We are delighted to join the Majesco family,” John Heidelberger, customer delivery leader for InsPro Technologies, said. “We looked long and hard for a partner that shared our view of the digital future for group and individual insurance lines. As a former insurance industry CIO and long term practitioner, I’m confident our line of business policy processing experience coupled with Majesco’s significant investments in digital solutions will allow us to offer our combined customer base a wider selection of solutions while providing even greater career opportunities for our committed team.”
The transaction is subject to customary closing conditions, including the approval of InsPro Technologies’ stockholders. The transaction is expected to close in April.