Insurance tech-company Cover-All Technologies plans to merge with rival Majesco, a deal that will create an operation with $100 million in annual revenue and a global reach.
Majesco (formerly MajescoMastek) founder and CEO Ketan Mehta will become president and CEO of the combined company, which is expected to retain the “Majesco” name.
Cover-All President and CEO Manish Shah is slated to be executive vice president of the combined company, and two Cover-All board members will join the Majesco board.
Assuming all regulatory requirements can be met, stockholders approve the deal and Majesco can complete a global reorganization, the deal is expected to close in the 2015 second quarter.
Cover-All provides browser-based family of commercial lines policy, business intelligence, and claims programs. Majesco offers policy, billing, claims and distribution management software and consulting for property/casualty, life and health globally.
The combined company will continue to offer business intelligence and data software/technologies in property casualty lines including personal, commercial, specialty and workers compensation businesses. It will also have life insurance, annuity and group benefits product offerings, and over 150 insurance customers around the world.
One of the conditions to the closing of the merger is for the shares of Majesco common stock to be listed for trading on the NYSE MKT.
Last week Majesco announced plans to acquire the insurance business of Agile Technologies, an insurance industry focused IT consulting firm with revenues of $9 million. Agile has offices in New Jersey, Georgia and Ohio. The acquisition is expected to close in January 2015.
Majesco is based in New York, N.Y., while Cover-All has offices in Morristown, New Jersey and Honolulu, Hawaii.
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