Majesco TL
Follow Us



Cover-All, Majesco Announce Merger; Company Will be Branded as Majesco

Staff Writer | December 15, 2014

Majesco announces it has entered into a definitive merger agreement with Cover-All Technologies Inc. in a 100 percent stock-for-stock transaction, pursuant to which Cover-All’s stockholders and the holders of its options and restricted stock units, in the aggregate, will, upon the closing of the merger, receive 16.5 percent of the outstanding shares of common stock of the combined company, on a fully diluted basis. The combined entity will retain the “Majesco” brand globally.

The decision to merge the two businesses is the latest step in the execution of Majesco’s aggressive growth strategy to consolidate its global insurance business under a single and separate entity. Last week Majesco announced the signing of a definitive agreement to acquire the insurance business of Agile Technologies, LLC, bringing additional IT consulting, data strategy and implementation expertise to Majesco.

The combined company, Majesco, is expected to have:

  • Over $100 million in estimated annual revenue with high growth potential
  • Over 150 insurance customers in all tiers worldwide served by a global delivery team
  • Innovative and proven core software suite serving all tiers in each operating market: the Americas, Europe, and Asia-Pacific
  • Customer-centric collaborative culture focusing on customer value enhancements through innovative technologies and dedicated customer-oriented services
  • Modern, mature, and integrated insurance core software solution suite covering all tiers and all lines of business of Property & Casualty including personal, commercial, specialty, and workers compensation business.
  • Life Insurance, Annuity, and Group Benefits product offerings
  • Consulting practice covering broad needs of insurers
  • Comprehensive bureau content services offering with extensive knowledge of ISO and NCCI
  • Business intelligence and data analytics solutions with customer-focused consulting and services practice
  • Robust cloud solution for core insurance systems already deployed to over 30 customers

“At Majesco, we take a customer-centric approach to enabling technology transformation for our customers. We maintain a laser sharp focus on meeting the needs of just one industry—insurance—and are making investments that add capability and capacity to serve our customers in meeting their growth objectives. Cover-All Technologies is a well-known and respected insurance software company with in-depth knowledge of commercial ISO lines,” says Ketan Mehta, CEO and founder of Majesco, who will serve as president and CEO of the combined entity, Majesco.

“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,” adds Mehta. “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."

Manish Shah, Cover-All’s president and CEO, said, "I am excited about this transformative opportunity as it creates a potentially market leading company that is well positioned to compete in the large and growing market for servicing software needs of the insurance industry. Majesco, with its recent reorganization of insurance businesses, is a rapidly growing insurance software and services company. Cover-All and Majesco have highly complementary core strengths, including a broad product portfolio, passionate people committed to world-class software and impactful customer services exclusively focused on insurance industry.”

Majesco is expected to be a highly attractive provider for insurers of all tiers globally, adds Shah, and will be poised to be a formidable player with its assets of deeply integrated core processing suite, disruptive business intelligence technologies and IT and consulting services that cover the entire spectrum of the insurance value chain. 

“We are particularly excited because, as a larger company, we will have better resources including expanded scale to meet the needs of any insurer regardless of size or location, and improved financial strength to invest in innovative and new products,” says Shah. “We believe this merger will significantly enhance shareholder value by allowing Cover-All shareholders the ability to participate in the growth of the combined company.  We also believe our customers and employees will greatly benefit from broad capabilities and increased opportunities in the combined company."

Mehta will become president and CEO of the combined company; Shah will assume the role of an executive vice president. Two Cover-All board members will be joining the Majesco board as vice chairman and a director, respectively.

The transaction is subject to customary closing conditions, including the filing and effectiveness of a registration statement with the Securities and Exchange Commission, Cover-All stockholder approval, certain regulatory approvals, and that the shares of Majesco common stock be listed on the NYSE MKT. The transaction is expected to close in the second quarter of 2015. Both companies will continue to operate as independent entities until then.  


Featured articles

Majesco RH

MT 160x600


The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.


The tide is up! It's time to register for ITA LIVE 2019, our annual educational and networking conference! Our theme is "The InsurTech Revolution: Cutting Through the Hype." and we'll be bringing in a torrent of industry thought leaders, amazing insight and wonderful perspectives on the world of insurtech and its impact on the insurance landscape.

ITA LIVE 2019 will present real-life examples of true startup technologies that are helping insurers gain real advantage -- and a competitive edge -- in the marketplace. We’ll highlight the more successful InsurTech partnerships, while offering case studies that demonstrate exciting innovation and cutting-edge techniques impacting all aspects of the insurance ecosystem.

Ride the wave to LIVE 2019. Sign up today! We look forward to seeing you in May, 2019!


only online

Only Online Archive

ITA Pro Buyers' Guide

Vendor Views

Partner News