Majesco , a global leader of cloud insurance software solutions for insurance business transformation, has entered into a merger agreement to acquire InsPro Technologies Corporation in Crum Lynne, according to a report on coverage.com.

InsPro Technologies is a U.S. based software leader in the life and annuity insurance market. The InsPro Enterprise platform is an insurance administration and marketing system supporting group and individual business lines.

It processes over 15 million policies for some of the leading blue chip insurance carriers and third party administrators in the United States.

The acquisition will strengthen and expand Majesco’s domain depth in voluntary, group, voluntary benefits, and worksite markets that will enable successful digital transformation journeys for insurers.

“The InsPro team brings years of experience and amazing talent to the global Majesco team. Together, we’ll focus on bridging customers to the new world with continuous software innovation that help them take advantage of the market growth opportunities in today’s insurance experience with cloud and digital transformation,” said Adam Elster, CEO of Majesco.

The transaction is structured as a cash for stock merger and will require InsPro Technologies stockholder approval. The transaction is expected to close in April 2020.

Read more about the acquisition here.

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