The deal, Majesco said, will expand its software offerings in EMEA for the individual life, pension and wealth management markets.
Exaxe, based in Dublin, Ireland, serves insurers in Europe.
“We are delighted to welcome Exaxe founders Norman and Philip along with the amazing talent they bring to our global Majesco team. Together, we’ll focus on bringing continuous innovation to our customers, helping them take advantage of the market opportunities in insurance with cloud and digital transformation,” Adam Elster, CEO of Majesco, said. “Exaxe has accelerated the delivery of cutting-edge cloud technology to their clients and we are excited to introduce this to the already growing group of Majesco customers and prospects across Europe.”
“There is an undeniable move toward greater adoption levels of cloud-based core insurance solutions across the industry, especially among the mid-tier and below. This acquisition strengthens Majesco’s already deep insurance portfolio and provides them with access to a new client segment in Europe,” Jamie Macgregor, CEO and head of insurance for Celent, said. “Having the financial backing of Majesco and access to its technical bench will be a major step forward for the team at Exaxe and their suite of cloud-based products. I’m looking forward to see how the assets evolve and perform in new client deals.”