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Majesco positioned as a visionary in Gartner 2020 Magic Quadrant for Life Insurance Policy Administration Systems, North America

MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco (NASDAQ: MJCO), a global provider of cloud insurance platform software for insurance business transformation, today announced that it has been once again positioned as a Visionary in the August 2020 Magic Quadrant for Life Insurance Policy Administration Systems, North America.

Per the report, which evaluates 11 vendors, “This Magic Quadrant provides a lens into the North American market for life insurance policy administration system (PASs) used by individual and group life and annuity (L&A) insurers.”

“As the COVID-19 pandemic has clearly demonstrated, business operating conditions can change dramatically overnight, and life insurance PASs and the infrastructure on which they operate must be scalable, secure and adaptable to change,” says Richard Natale, Senior Director Analyst and Rajesh Narayan, Senior Director Analyst in the report. “Life insurance CIOs should be evaluating their PASs now to determine the degree to which they enable, or are a barrier to, this type of resiliency in the face of disruption.”

The report notes that “in the next 12 to 18 months, life insurance IT budgets will be under pressure. CFOs and CEOs will look at discretionary budgets for convenient ways to cut expenses in an effort to preserve capital and cash, such as discretionary spending earmarked for digital innovation. However, the potential does exist where PAS modernization accelerates to address operational issues that have been uncovered due to the pandemic. This could also accelerate the need for a PAS modernization or replacement. Examples include:

  • Consumer behavior and a material shift to digital channels
  • Long-term changes in consumer demand for insurance products
  • Data and analytics needed to address changes in risk and actuarial models
  • A permanent shift to how and where people work
  • New uses for automation, such as touchless claims handling
  • Rapid response to a crisis with products such as parametric insurance
  • Potential governmental intervention and regulation”

“Now more than ever, life insurance companies need a robust, cloud-based core insurance business platform that can satisfy the needs of today’s digital customer,” says Adam Elster, CEO of Majesco. “We’re honored to be named a Visionary by Gartner in the Magic Quadrant for Life Insurance Policy Administration Systems, North America. We remain committed to creating a future of insurance that is agile, nimble and fast. We are proud of the investments we’ve made this past year that we believe have strengthened our positioning on the Completeness of Vision axis. To us, this recognition reaffirms our commitment to creating an L&A and Group core system that will help our customers seamlessly transition to the future of insurance.”

Majesco L&A and Group Core Suite supports all individual, group and voluntary benefits on a single platform, recognizing that growing and retaining customers, regardless of where they originate, is critical to insurer’s growth strategies. The suite provides essential core system capabilities for policy, billing and claims. It brings a host of exciting, innovative capabilities to life, group and annuities insurance, such as an AI-powered group sales process to deliver digital RFP, an AI bot-driven conversational UX for navigation, and an always straight through processing approach to speed up transaction processing individually or across multiple points. The powerful design allows for rapid adaptation for new, innovative products or benefit plans, giving insurers the power, flexibility and speed needed to capture opportunities and create profitable growth.

“Majesco L&A and Group Core Suite brings a strong, innovative solution to life, annuities, group and voluntary benefits insurance market that will digitally enable the business from traditional products to new parametric products in this new era of insurance,” stated Manish Shah, President and Chief Product Officer for Majesco. “In our opinion, our Visionary positioning in the Magic Quadrant for Life Insurance Policy Administration Systems, North America is a result of strong execution of the product vision and demonstrates our commitment to innovation and understanding of the emerging shift in new customer needs and expectations to help our customers gain market leadership with a new generation of customers.”

Gartner “Magic Quadrant for Life Insurance Policy Administration Systems, North America,” Richard Natale, Rajesh Narayan, 3 August 2020.

Gartner Disclaimer

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About Majesco

Majesco (NASDAQ: MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K, as amended by its Quarterly Reports on Form 10-Q.

Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: the adverse impact on economies around the world and our customers of the current COVID-19 pandemic; our ability to achieve increased market penetration for our product and service offerings and obtain new customers; our ability to raise future capital as needed; the growth prospects of the property & casualty and life & annuity insurance industry; the strength and potential of our technology platform and our ability to innovate and anticipate future customer needs; our ability to compete successfully against other providers and products; data privacy and cyber security risks; technological disruptions; our ability to successfully integrate our acquisitions and identify new acquisitions; the risk of loss of customers or strategic relationships; the success of our research and development investments; changes in economic conditions, political conditions and trade protection measures; regulatory and tax law changes; immigration risks; our ability to obtain, use or successfully integrate third-party licensed technology; key personnel risks; and litigation risks.

These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Contacts

Laura Tillotson

Director, Marketing Communications and Creative Services

+ 201 230 0752

laura.tillotson@majesco.com

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Business

Majesco taps NetSuite to modernize operations as it powers the future of insurance

Leading cloud software company for insurance companies increases scalability and operational efficiencies with NetSuite

MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that it has implemented Oracle NetSuite to help transform its core business operations and better serve its customers and internal departments. With NetSuite, Majesco will be able to streamline its day-to-day operations, improve decision making and enhance its overall employee experience.

“We’re thrilled about the modern capabilities NetSuite will provide to our entire organization. Having one unified cloud-based platform will improve business operations across our sales, finance, procurement, product delivery, and support organizations,” noted Adam Elster, CEO of Majesco. “We selected NetSuite as it enables us to standardize operations, enhance business insights and serve our customers more efficiently.”

Majesco is partnering with the insurance industry to create a future that is agile, nimble and, fast. Its cloud-based solutions modernize and transform P&C and L&A and Group insurance businesses to better meet the demands of their next generation customers. To support its continued growth, Majesco plans to use NetSuite to increase transparency and efficiency across its core business operations. Majesco plans to leverage the order management, project management, resource management, project accounting, timesheet management, procurement, billing management, and reporting capabilities within NetSuite.

In addition, NetSuite will provide Majesco with the visibility, control and agility required to support its growth and help its customers capture new market opportunities. For example, NetSuite will enable Majesco to unify information across its business, increase automation, and enhance efficiency and accountability. As a result, Majesco is perfectly positioned to continue leading the charge for a new era of insurance.

“Like many of our customers, Majesco is leading the way forward in its industry, being the first to provide cloud-based products to change the way it conducts business and better serve a market,” said Sam Levy, SVP of Sales, Oracle NetSuite. “By implementing NetSuite, Majesco will be able to react quickly to new business opportunities, while continuing to offer leading services to its customers.”

About Majesco

Majesco (NASDAQ: MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K, as amended by its Quarterly Reports on Form 10-Q.

Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: the adverse impact on economies around the world and our customers of the current COVID-19 pandemic; our ability to achieve increased market penetration for our product and service offerings and obtain new customers; our ability to raise future capital as needed; the growth prospects of the property & casualty and life & annuity insurance industry; the strength and potential of our technology platform and our ability to innovate and anticipate future customer needs; our ability to compete successfully against other providers and products; data privacy and cyber security risks; technological disruptions; our ability to successfully integrate our acquisitions and identify new acquisitions; the risk of loss of customers or strategic relationships; the success of our research and development investments; changes in economic conditions, political conditions and trade protection measures; regulatory and tax law changes; immigration risks; our ability to obtain, use or successfully integrate third-party licensed technology; key personnel risks; and litigation risks.

These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Contacts

Laura Tillotson

Director, Marketing Communications and Creative Services

+ 201 230 0752

laura.tillotson@majesco.com

Categories
Business

Majesco enters into amended agreement to be acquired by Thoma Bravo

Majesco shareholders to receive $16.00 in cash per share

Transaction provides a significant cash premium to Majesco shareholders

Transaction Expected to Close by the End of 2020

MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that it has signed an amended definitive agreement to be acquired by Thoma Bravo, L.P., a leading private equity firm focused on the software and technology-enabled services sectors, in a transaction valuing the company at $729 million. Following the closing of the transaction, Majesco will operate as a privately held company.

Under the amendment, Thoma Bravo will acquire all of Majesco’s outstanding shares for $16.00 per share. The price represents a premium of approximately 113% over Majesco’s average closing price of $7.52 during the 30-trading day period ended July 17, 2020.

The proposed merger is subject to the approval of Majesco shareholders and the approval of the shareholders of Majesco’s parent company, Majesco Limited. Majesco’s and Majesco Limited’s Boards of Directors have unanimously approved the merger and recommend that their respective shareholders approve the merger. Majesco Limited’s promoter shareholders have entered into a voting agreement to vote in favor of a transaction with Thoma Bravo and against a competing transaction, which remains in place for a 7-month period following any termination of the transaction documents. Majesco will solicit written consents from its shareholders to approve the Merger Agreement and expects to distribute the consent solicitation statement in August 2020.

The increased offer from Thoma Bravo and the amendment followed Majesco’s receipt of an unsolicited acquisition proposal from an unaffiliated third party.

Completion of the merger is not subject to a financing condition but is subject to the accuracy of the representations and warranties, performance of the covenants and other agreements included in the Merger Agreement and customary closing conditions for a transaction of this type, including regulatory approvals in the US and India. Assuming satisfaction of those conditions, the Company expects the merger to close by the end of 2020.

Nomura Securities International, Inc. is acting as financial advisor to Majesco, and Sheppard, Mullin, Richter & Hampton LLP and Khaitan & Co are acting as legal advisors to Majesco and Majesco Limited, respectively. Kirkland & Ellis LLP and Trilegal are acting as legal advisor to Thoma Bravo.

About Majesco

Majesco (NASDAQ: MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

About Thoma Bravo

Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $45 billion in capital commitments, Thoma Bravo partners with a Company’s management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. The firm has offices in San Francisco and Chicago. For more information, visit www.thomabravo.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K, as amended by its Quarterly Reports on Form 10-Q.

Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: the incurrence of unexpected costs, liabilities or delays relating to the merger; the failure to satisfy the conditions to the merger, including regulatory approvals; and the failure to obtain the requisite approval by the shareholders of Majesco Limited.

These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Important Additional Information:

In connection with the proposed merger, Majesco will file a consent solicitation statement and other relevant documents concerning the proposed merger with the SEC. The consent solicitation statement and other materials filed with the SEC will contain important information regarding the merger, including, among other things, the recommendation of Majesco’s board of directors with respect to the merger. SHAREHOLDERS ARE URGED TO READ THE CONSENT SOLICITATION STATEMENT AND OTHER CONSENT MATERIALS THAT MAJESCO FILES WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND RELATED MATTERS. You will be able to obtain the consent solicitation statement, as well as other filings containing information about Majesco, free of charge, at the website maintained by the SEC at www.sec.gov. Copies of the consent solicitation statement and other filings made by Majesco with the SEC can also be obtained, free of charge, by directing a request to Majesco, 412 Mount Kemble Ave., Suite 110C, Morristown, NJ 07960, Attention: Corporate Secretary.

Participants in the Solicitation:

Majesco and its executive officers and directors may be deemed, under SEC rules, to be participants in the solicitation of consents from Majesco’s shareholders with respect to the proposed merger. Information regarding the executive officers and directors of Majesco and their respective ownership of Majesco common stock is included in the Proxy Statement for Majesco’s 2020 Annual Meeting of Stockholders (the “2020 Proxy Statement”), filed with the SEC on July 29, 2020. To the extent that holdings of Majesco’s securities have changed since the amounts printed in the 2020 Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. More detailed information regarding the identity of the potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the consent solicitation statement and other materials to be filed with SEC in connection with the proposed merger.

Contacts

Media:
Laura Tillotson

Director, Marketing Communications and Creative Services

+ 201 230 0752

Laura.Tillotson@majesco.com

Categories
Business

Majesco implements Oracle Cloud HCM to further its digital transformation journey

Leading cloud software company for insurance carriers improves organizational productivity and increases employee engagement

MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco, a global leader of cloud insurance software, today announced the implementation of Oracle Cloud HCM to help meet its long-term strategic and operational goals. With a growing customer list of more than 200 major clients across Product & Casualty, Life & Annuity and Group insurance, Majesco will use Oracle Cloud Human Capital Management (HCM) to make informed, real-time business decisions that will help expand its global footprint.

“We’re excited about the advanced capabilities Oracle Cloud HCM brings to our employees. This new, modern cloud system marks an important step in our transformation journey and will be critical to how we run our business,” notes Adam Elster, CEO of Majesco. “With Oracle HCM, we will leverage data-driven insights in real-time to help us manage all of our talent needs.”

Majesco’s cloud-based solutions help insurers modernize, innovate and transform their business to meet the demands of today’s digital customer. Whether it’s an insurer creating a new startup or greenfield, modernizing a legacy business or optimizing existing operations, Majesco helps insurers take on the future of insurance.

In order to meet growing demand, Majesco replaced its old legacy system with Oracle’s unified, cloud-based platform that is built to breakdown organizational silos, standardize processes and improve the overall efficiency of HR operations.

“We’re excited to have helped Majesco take this next step in the digital transformation journey by improving and maximizing employee engagement,” said Chris Leone, senior vice president, applications development, Oracle. “With Oracle Cloud HCM, Majesco will be better prepared to support its customers and take hold of this new era of insurance.”

In addition to Oracle Cloud HCM’s Core HR, which provides a foundation to support the entire worker life cycle, Majesco is also deploying Oracle Cloud Workforce Compensation and Oracle Cloud Recruitment, which leads with innovation to engage and identify the best talent for the organization’s needs.

“Oracle’s scalable and flexible solution provides our employees with an intuitive, personalized HR system that can manage personal and employment information easily and securely, while providing insights into the entire worker lifecycle to enable effective talent management,” commented Melissa Blankenbaker, CHRO of Majesco.

About Majesco

Majesco (NASDAQ: MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K, as amended by its Quarterly Reports on Form 10-Q.

Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: the adverse impact on economies around the world and our customers of the current COVID-19 pandemic; our ability to achieve increased market penetration for our product and service offerings and obtain new customers; our ability to raise future capital as needed; the growth prospects of the property & casualty and life & annuity insurance industry; the strength and potential of our technology platform and our ability to innovate and anticipate future customer needs; our ability to compete successfully against other providers and products; data privacy and cyber security risks; technological disruptions; our ability to successfully integrate our acquisitions and identify new acquisitions; the risk of loss of customers or strategic relationships; the success of our research and development investments; changes in economic conditions, political conditions and trade protection measures; regulatory and tax law changes; immigration risks; our ability to obtain, use or successfully integrate third-party licensed technology; key personnel risks; and litigation risks.

These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Contacts

Laura Tillotson

Director, Marketing Communications and Creative Services

+ 201 230 0752

laura.tillotson@majesco.com

Categories
Business

Protective Insurance selects Majesco P&C Core Suite for Commercial Auto and Workers’ Compensation lines of business on Majesco CloudInsurer® to accelerate their digital transformation

Leading provider of insurance for the transportation industry executes its vision of a new digital business model by replacing legacy systems from three different vendors with Majesco’s next-generation solutions

MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco (NASDAQ: MJCO), a global leader of cloud insurance software, today announced that Protective Insurance selected Majesco P&C Core Suite for Commercial Auto and Workers’ Compensation claims and billing solutions on Majesco CloudInsurer® to replace legacy solutions and modernize and optimize their business operation and accelerate their digital transformation strategy.

With more than 90 years of experience, Protective Insurance Company specializes in providing insurance for the transportation industry. Licensed in all 50 states, the District of Columbia, Puerto Rico and all Canadian provinces, Protective provides tailored insurance programs to trucking fleets. Its products are backed by a dedicated safety services team, experienced claims management and superior customer service.

“We’re committed to modernizing our existing systems by bringing innovative, business solutions to the cloud. This technology transformation will give us the flexibility to make the right decisions; to pivot our direction with minimal impact to our business,” said Jeremy Johnson, CEO of Protective Insurance. “After a detailed and careful selection process, Majesco stood out with a core suite that delivers advanced capabilities, user-friendly functionality, mature cloud platform that integrates with the transformation program already underway, and a track record of rapid and successful delivery that will help accelerate our digital transformation and vision for the future of insurance.”

Key to the selection was Majesco’s next-generation core suite with out-of-the-box capabilities, robust functionality and flexible configuration, strong roadmap, mature cloud platform, and a track record of rapid and successful delivery that directly aligned with Protective’s vision of creating a new business model that better serves today’s digital-focused customer. The ability to easily leverage data from Majesco’s systems combined with the configurability and functionality of its core suite will be crucial to fuelling their strategy for innovation and growth. The first phase of the project will focus on commercial auto followed by a second phase that will implement workers’ compensation.

“Protective’s digital business vision is very much aligned with Majesco’s vision, making this partnership seamless from the start,” says Adam Elster, CEO of Majesco. “Our SaaS and Cloud core platforms have become the de-facto software-delivery model for insurance, and we’re thrilled Protective has chosen Majesco to help keep them at the forefront of the industry and lead in this new era of insurance.”

About Majesco

Majesco (NASDAQ: MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K, as amended by its Quarterly Reports on Form 10-Q.

Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: the adverse impact on economies around the world and our customers of the current COVID-19 pandemic; our ability to achieve increased market penetration for our product and service offerings and obtain new customers; our ability to raise future capital as needed; the growth prospects of the property & casualty and life & annuity insurance industry; the strength and potential of our technology platform and our ability to innovate and anticipate future customer needs; our ability to compete successfully against other providers and products; data privacy and cyber security risks; technological disruptions; our ability to successfully integrate our acquisitions and identify new acquisitions; the risk of loss of customers or strategic relationships; the success of our research and development investments; changes in economic conditions, political conditions and trade protection measures; regulatory and tax law changes; immigration risks; our ability to obtain, use or successfully integrate third-party licensed technology; key personnel risks; and litigation risks.

These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Contacts

Laura Tillotson

Director, Marketing Communications and Creative Services

+ 201 230 0752

laura.tillotson@majesco.com

Categories
Business

Majesco announces new and innovative updates for Majesco’s billing for P&C

These updates reflect the monthly updates for the last seven months that include next-generation capabilities needed to meet the demands of today’s digital customer

MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco (NASDAQ: MJCO), a global leader of cloud insurance software, today announced the new and innovative updates for Majesco’s Billing for P&C, representing the monthly updates for the last seven months. Rather than providing periodic releases, Majesco provides monthly, automated releases to keep customers at the leading edge and enable them to rapidly respond to market changes.

Billing has become a key component of carriers’ customer engagement and digital strategies – recognizing the growing demand for new payment methods, billing plans, access to real-time billing information, electronic billing payments, and on-the-spot adjustments due to unprecedented market shifts such as the COVID-19 pandemic. Cloud-based solutions like Majesco Billing for P&C are helping insurers not only modernize and optimize their business, but also to create a new business for the future. Four of the top 10 P&C insurers in the US are using the market leading Majesco Billing for P&C.

“Billing can seem like a routine back end process, but it is one that touches every customer and done wrong, can have a tremendously negative impact on the customer relationship. It is a powerful signal of the kind of customer service that will be delivered by an insurer across all touchpoints,” commented Karlyn Carnahan, Head of Celent’s North American Property Casualty business. “Utilizing a seamless and flexible solution allows insurers to deliver on an important “moment of truth” while freeing up resources to continue to transform the customer experience in other areas.”

Some of the new and innovative enhancements for Majesco Billing for P&C to support digital customer engagement and operational optimization include:

Advanced Capabilities for Moratoriums – Enable carriers to serve their customers and ease financial hardships through automated processes that can otherwise be a very manual labor-intensive process, especially true in the context of ongoing COVID-19 pandemic. The enhanced support includes leniency towards fees, late charges and collections etc. Additionally, on return to normalcy, the automated processes can automatically spread unpaid balances over multiple installments even going beyond policy expiry date based on customer preferences.

Expanded Payment Gateways – Leverage pre-built integrations for frictionless and secure ACH and Credit Card processing with payment gateways including Chase Paymentech, One Inc and CyberSource.

Automated Agency Payment Upload – Support for electronic upload of agency payments followed by automated payment allocation and reconciliation process. This enables the carriers to focus on collections and work on discrepancies instead of spending days and weeks on reconciliation through manual data entry.

Enhanced Data Extraction Utility – Mask and export production data to other non-production environments for analysis purposes while ensuring sensitive customer data is masked following data privacy and security compliance requirements.

Cohesive Event-Based Communication – Via messaging queues, enable asynchronous event-based communication between systems providing consistency, flexibility, reliability and scalability of processes.

Robust Open API Catalog and Gateway – Expanded API catalog with over 200 additional OAS3.0 Compliant APIs available to rapidly and dynamically integrate with other systems and Majesco Digital1st® EcoExchange innovative partner solutions over an enterprise gateway servicing all APIs with enterprise monitoring and servicing feature for Majesco CloudInsurer® customers.

Extensive Performance & Scalability Gains – Majesco Billing for P&C is now certified for 100 million policies with 1000 concurrent users, providing extensive scale for large insurers.

“A new generation of insurance buyers with different needs and expectations, coupled with unprecedented market shifts, have created both a challenge and opportunity for next generation billing platforms,” said Manish Shah, President and Chief Product Officer at Majesco. “Today’s announcement continues the incredible momentum that we’ve built in enabling insurers, reinsurers, InsurTechs and MGAs to modernize and optimize the billing experience for their end users, while at the same time innovate with new billing options and capabilities, putting them at the forefront of digital business transformation.”

The latest enhancements underscore Majesco’s relentless innovation and commitment to helping their customers transform to a digital customer centric strategy that propels them into the future of insurance.

About Majesco

Majesco (NASDAQ: MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K, as amended by its Quarterly Reports on Form 10-Q.

Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: the adverse impact on economies around the world and our customers of the current COVID-19 pandemic; our ability to achieve increased market penetration for our product and service offerings and obtain new customers; our ability to raise future capital as needed; the growth prospects of the property & casualty and life & annuity insurance industry; the strength and potential of our technology platform and our ability to innovate and anticipate future customer needs; our ability to compete successfully against other providers and products; data privacy and cyber security risks; technological disruptions; our ability to successfully integrate our acquisitions and identify new acquisitions; the risk of loss of customers or strategic relationships; the success of our research and development investments; changes in economic conditions, political conditions and trade protection measures; regulatory and tax law changes; immigration risks; our ability to obtain, use or successfully integrate third-party licensed technology; key personnel risks; and litigation risks.

These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Contacts

Laura Tillotson

Director, Marketing Communications and Creative Services

+ 201 230 0752

laura.tillotson@majesco.com

Categories
Business

ALERT: Rowley Law PLLC is investigating proposed acquisition of Majesco

NEW YORK–(BUSINESS WIRE)–Rowley Law PLLC is investigating potential securities law violations by Majesco (NASDAQ: MJCO) and its board of directors concerning the proposed acquisition of the company by Thoma Bravo, L.P. Stockholders will receive $13.10 in cash for each share of Majesco stock that they hold. The transaction is valued at approximately $594 million and is expected to close before the end of 2020.

If you are a stockholder of Majesco and are interested in obtaining additional information regarding this investigation, please visit us at: http://www.rowleylawpllc.com/investigation/majesco. You may also contact Shane Rowley, Esq. at Rowley Law PLLC, 50 Main Street Suite 1000, White Plains, NY 10606, by email at info@rowleylawpllc.com, or by telephone at 914-400-1920 or 844-400-4643 (toll-free).

Rowley Law PLLC represents shareholders nationwide in class actions and derivative lawsuits in complex corporate litigation. For more information about the firm and its attorneys, please visit http://www.rowleylawpllc.com.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contacts

Shane Rowley, Esq.

Rowley Law PLLC

50 Main Street Suite 1000

White Plains, NY 10606

info@rowleylawpllc.com
914-400-1920 or 844-400-4643 (toll-free)

Categories
Digital - AI & Apps

Majesco launches new product portal to expand and accelerate customer’s planning and use of Majesco solutions today and for the future

Portal provides faster and easier access to robust product information and insight to product roadmaps and future of insurance technologies

MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco (NASDAQ: MJCO), a global provider of cloud insurance platform software, today announced a new product portal – providing customers fast and easy access to robust product information and insight to product roadmaps and future of insurance technologies that will expand and accelerate customer’s planning and use of Majesco solutions today and for the future.

“We’re thrilled to provide our customers with a robust resource that allows them to stay on top of Majesco’s latest product advancements, product roadmaps and assessment of future of insurance technologies,” says Manish Shah, President & Chief Product Officer at Majesco. “We’re constantly pushing boundaries and creating products that redefine the next generation of solutions that enable insurers to digitally transform to a new era of insurance. The new product portal enables our customers to keep a pulse on the latest innovative technology and enhancements we’re working on to create the future of insurance.”

Within the product portal customers will have access to the latest information including:

  • Product Roadmap – Visibility into the release schedule of new product features and capabilities
  • Idea Portal – Platform that allows customers and partners to submit ideas for product enhancements and to view and vote on enhancement ideas submitted by other customers
  • Majesco Technology Office – Future of Insurance Technologies – Thought-provoking articles and videos on technology and architecture from Majesco’s Technology Office
  • Release Notes – Information regarding enhancements and defect fixes included in each Majesco product release
  • User Guides – Step-by-step instructions on how to use Majesco’s products
  • Installation Guides – Step-by-step instructions for how to install and configure Majesco’s products
  • API Documentation – Full documentation of Majesco’s APIs including an overview of the API, authentication, response samples, and error handling
  • Product Certifications – Outline of the certified technology stack on which Majesco products should be deployed including recommended deployment topology
  • Performance Benchmark Reports – The latest performance benchmark reports for various Majesco base products
  • Security Assessment Reports – The latest Security Vulnerability Assessment and Penetration Test results for Majesco products
  • Infrastructure Sizing Guidelines – Usage-based recommendations for infrastructure settings (CPU, Memory) by product

About Majesco

Majesco (NASDAQ: MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. For more details on Majesco, please visit www.majesco.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Majesco’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K, as amended by its Quarterly Reports on Form 10-Q.

Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this press release include, but are not limited to: the adverse impact on economies around the world and our customers of the current COVID-19 pandemic; our ability to achieve increased market penetration for our product and service offerings and obtain new customers; our ability to raise future capital as needed; the growth prospects of the property & casualty and life & annuity insurance industry; the strength and potential of our technology platform and our ability to innovate and anticipate future customer needs; our ability to compete successfully against other providers and products; data privacy and cyber security risks; technological disruptions; our ability to successfully integrate our acquisitions and identify new acquisitions; the risk of loss of customers or strategic relationships; the success of our research and development investments; changes in economic conditions, political conditions and trade protection measures; regulatory and tax law changes; immigration risks; our ability to obtain, use or successfully integrate third-party licensed technology; key personnel risks; and litigation risks.

These forward-looking statements should not be relied upon as predictions of future events and Majesco cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Majesco or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. Majesco disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Contacts

Laura Tillotson

Director, Marketing Communications and Creative Services

+ 201 230 0752

Laura.Tillotson@majesco.com