Majesco, a Morristown-based insurance technology provider, has acquired InsPro Technologies Corp. for $12 million, it announced on Friday.
InsPro, based near Philadelphia, is a technology company focused on the life and annuity insurance market. It has a team of more than 50. The acquisition will help strengthen Majesco’s presence in the voluntary, group, voluntary benefits and worksite markets.
“The InsPro team brings years of experience and amazing talent to the global Majesco team. Together, we’ll focus on bridging customers to the new world with continuous software innovation that help them take advantage of the market growth opportunities in today’s insurance experience with cloud and digital transformation,” Majesco CEO Adam Elster said.
The deal is expected to close in April 2020.
“We are delighted to join the Majesco family. 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,” John Heidelberger, customer delivery leader, InsPro, said.
Nomura Securities International Inc. and Morgan, Lewis & Bockius LLP represented InsPro and Needham & Company LLC and Sheppard, Mullin, Richter & Hampton LLP represented Majesco in the acquisition.
