Management Strategies

10:40 AM
Connect Directly
Twitter
LinkedIn
Google+
RSS
E-Mail
50%
50%

Majesco to Merge With Cover-All

The combined company will be called "Majesco" and anticipates annual revenue of more than $100 million.

Majesco and P&C software provider Cover-All Technologies have announced a definitive merger agreement. The transaction is expected to close in the second quarter of 2015.

This announcement comes on the heels of Majesco’s acquisition of Agile Technologies, which was announced last week. The insurance core systems provider has recently undergone extensive growth in an effort to broaden its product portfolio beyond software to include consulting and other expertise.

Majesco founder and CEO Ketan Mehta will serve as president and CEO of the combined company, to be called Majesco, which anticipates more than 150 global insurance customers and over $100 million in annual revenue. He expects the Cover-All merger will allow Majesco to better compete in the rapidly growing insurance software market.

“Both of the companies share the same vision -- to serve and expand our customer base by leveraging our software, our collaborative cultures, and our deep domain experience in insurance,” said Mehta in a statement. “By combining the value of Cover-All Technologies’ offerings and Majesco’s market-leading software, consulting, and IT services, we believe the new Majesco is best positioned to not only help insurers begin their transformation journey but to stay with them through every stage of their journey and become a trusted long term partner.”

Donald Light, director of the Americas P&C insurance practice at Celent, noted that scale has always been an advantage in the insurance software business and speaks to a dedication to creating and maintaining insurer relationships.

“Majesco has moved quickly to create a big player with impressive resources,” Light said. “Now comes the harder, but necessary, work of integration, vision, and creating value for current and future customers.”

Kelly Sheridan is Associate Editor at Dark Reading. She started her career in business tech journalism at Insurance & Technology and most recently reported for InformationWeek, where she covered Microsoft and business IT. Sheridan earned her BA at Villanova University. View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Register for Insurance & Technology Newsletters
White Papers
Current Issue
Insurance & Technology Digital Issue
Innovation? Check. Core modernization? Check. Security? Check. Today's insurance IT challenges don't stump this year's Elite 8.
Slideshows
Video