Cover-All Technologies and Majesco Close their Merger
Staff Writer | June 30, 2015
Majesco and Cover-All Technologies announce the completion of their merger. The combined entity will operate under the Majesco brand globally and will be listed on the NYSE MKT and started trading on June 29 under the ticker MJCO.
As a combined company, Majesco now has:
- Approximately $107 million in annual revenue on a combined basis for Majesco’s fiscal year ended March 31, 2015 and Cover-All’s fiscal year ended December 31, 2014;
- Approximately 140 insurance customers across all tiers and all major lines of business, including: Property & Casualty personal, commercial, specialty and workers compensation; and Life, Annuity and Health individual and group benefits;
- Signed eight new customers to date for the fiscal year ending March 31, 2016;
- Market leading software portfolio supporting the entire insurance process including policy, billing, claims, rating, underwriting, reinsurance, distribution management and business intelligence / analytics;
- Comprehensive, automated bureau content services with extensive knowledge and expertise of ISO and NCCI;
- Experienced consulting practice to help insurers’ business transformation and IT strategies;
- Services to enable insurers’ digital, data and application management plans;
- Cloud services with over 20 insurers using a private cloud offering and with a new public cloud offering leveraging its deep expertise; and
- A commitment to innovation through thought leadership, innovation lab and work with tech start-ups.
“I am happy to announce the completion of the merger of Cover-All Technologies and Majesco. The combined organization has great potential to help meet the increasing demands of the insurance industry and play a key role in a new renaissance for insurance using Majesco’s innovative, adaptable and flexible solution portfolio,” says Ketan Mehta, CEO and founder of Majesco. “Our customers will benefit from the breadth of expertise, experience and offerings these two organizations bring together. We believe that with this merger, Majesco is uniquely positioned to enable insurers’ business transformation journey as a trusted long term partner across their business. The two companies share a common vision, have complementary solutions and have a great cultural fit of customer centricity. We welcome Cover-All’s customers, employees and shareholders to the Majesco family.”
“The merger of Cover-All and Majesco offers a great opportunity to service the needs of our customers today and in the future with one of the broadest and most robust solution portfolios in the industry,” says Manish Shah, executive vice president, products at Majesco and former president and CEO of Cover-All. “Our combined organizations are passionate and committed to innovative, forward-thinking, robust software and services that enables insurers’ transformation plans, enabling their growth and success. I would like to thank our customers, employees and shareholders who have supported us over the years and have made this transition successful.”
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