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MajescoMastek to Consolidate Global Insurance Technology Business

Staff Writer | September 23, 2014

Mastek, the parent company of insurance technology firm MajescoMastek, announces that it has approved a proposal to consolidate Mastek’s global insurance businesses into a single distinct entity, to be known as Majesco.

This move will allow the entire insurance technology value chain to be consolidated under one company serving more than 100 insurance carriers globally. Majesco will be an independent publicly listed company in India subject to regulatory approvals.

Ketan Mehta, CEO of MajescoMastek, will take over as the CEO of Majesco Ltd and will now focus on growing the company’s global insurance business. 

“The worldwide insurance industry is in the midst of a once in a generation modernization cycle, providing an excellent opportunity for Majesco to gain a large share in the growing market,” says Mehta. “Majesco, as an independent company, will be better positioned to pursue a domain-centric business model and make necessary investments in R&D, talent development, and brand building.”

Key benefits of the proposed restructuring, according to Mehta, include:

  • Offer a dedicated management team focused on the single business vertical of insurance

  • Facilitate Majesco to independently pursue growth plans through organic and inorganic means

  • Leverage cross-border synergies between insurance clients across geographies.

  • Provide a wider spectrum of intellectual property offerings to global customers and market needs

  • Provide an opportunity for shareholders to participate in the insurance business

    The proposed restructuring is subject to necessary shareholder and legal approval and expected to be fully operationalized in the second quarter of 2015.

     


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