Majesco (NASDAQ: MJC0), a global leader of cloud insurance technology, announced today the acquisition of the India based insurance software business from its parent company, Majesco Limited. The business will be acquired by Majesco's 100% subsidiary in India, Majesco Software And Solutions India Private Limited (MSSIPL), and is subject to statutory approvals including approval of the shareholders of Majesco Limited and shall be effective from April 1, 2019.
"The acquisition of the India Business and consolidation under the operating entity will ensure sharper focus on our global solutions and capabilities, enabling us to deploy best practices and achieve operational synergies" said Majesco CEO Adam Elster. "We view this acquisition as part of Majesco's vision to build the future for insurance and look forward to maximizing our potential as a leading digital transformation player. Majesco's strength, coupled with its complementary suite of innovative digital solutions and deep insurance industry expertise means we can offer a wider selection of solutions to new and existing clients and provide greater career opportunities for our committed team."
Shares of Majesco Ltd was last trading in BSE at Rs.497.4 as compared to the previous close of Rs. 493.45. The total number of shares traded during the day was 3388 in over 217 trades.
The stock hit an intraday high of Rs. 508 and intraday low of 495. The net turnover during the day was Rs. 1696679.