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Majesco Announces Future of Insurance: Industry Influencers Podcast Series

The series taps into the insights, expertise and experience of industry influencers to give listeners a view into key areas that are shaping the future of insurance

Morristown, NJ – July 9, 2019 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced the launch of their Future of Insurance: Industry Influencers Podcast Series.

In each episode, host Denise Garth, SVP of Strategic Marketing and Innovation at Majesco, asks notable guests like SVIA CEO and cofounder Mike Connor and bestselling author Rob Galbraith (also known as “the most interesting man in insurance”) questions like:

  • How has InsurTech changed over the last three years and what has been the impact for insurance? 
  • How are you thinking about the future of insurance?
  • How can insurers create a vision to survive and thrive these paradigm shifts?

“At Majesco we continue to identify ways to provide thought provoking, engaging, inspiring and challenging insights on the fast-paced, always-changing insurance industry,” says Denise Garth. “The insurance industry has a community of innovative thinkers and influencers that we are collaborating with to reshape the future of insurance.  Each 15 to 20 minute episode is full of engaging conversation that offers listeners a wealth of insights and ideas to meet the demands of tomorrow, today.”

Details of the first three podcasts are below:

Episode 1: Mike Connor, CEO of Silicon Valley Insurance Accelerator (SVIA)

In this inaugural episode, Mike and Denise discuss the new ideas, trends and technologies that are shaping the industry’s future and the very tight community of insurers, solution providers and InsurTechs who are at the forefront of the paradigm shift that’s happening in insurance today.

Episode 2: Rob Galbraith, “The Most Interesting Man in Insurance” – Part 1

In Part 1 of Rob and Denise’s Future of Insurance discussion, they talk storm chasing, the science of insurance, the latest in InsurTech and Rob’s book, “The End of Insurance As We Know It,” where they dig into industry innovation and remixing insurance as a fully digital, risk-transfer product.

Episode 3: Rob Galbraith, “The Most Interesting Man in Insurance” – Part 2

In Part 2 of Denise and Rob’s Future of Insurance conversation, they talk about insurance regulators’ shifting focus, innovation as a discipline, and creating a vision to survive and thrive during paradigm shift – to seamless, integrated, real-time insurance leveraging drones, AI, and all the exciting new technology that makes the insurance industry more exciting than ever before.

You can access all the podcasts and other valuable thought leadership resources, including primary research, blogs, webinars and more on www.majesco.com.

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 eConnect™, 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.

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: integration risks;  changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; technology development risks; intellectual property rights risks; competition risks; additional scrutiny and increased expenses as a result of being a public company; the financial condition, financing requirements, prospects and cash flow of Majesco; loss of strategic relationships; changes in laws or regulations affecting the insurance industry in particular; restrictions on immigration; the ability and cost of retaining and recruiting key personnel; the ability to attract new clients and retain them and the risk of loss of large customers; continued compliance with evolving laws; customer data and cybersecurity risk; and Majesco’s ability to raise capital to fund future growth.

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.

Majesco Congratulates MMG Insurance On Receiving the NAMIC Award In Innovation

The award recognizes MMG’s innovative approach to talent attraction, development, and retention at a time of rapid growth, amid a growing skills gap related to technology disruption in the insurance industry.

Morristown, NJ – July 9, 2019 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced their congratulations to MMG Insurance for receiving the NAMIC Award in Innovation. The award was created by NAMIC to recognize mutual insurers that exemplify the vision and entrepreneurialism it takes to stay relevant in changing times. MMG was selected based on their innovative approach to talent attraction, development, and retention.

“We congratulate the MMG team on this tremendous recognition of their vision and execution,” commented Ed Ossie, COO of Majesco.  “MMG Insurance is demonstrating how a growing mutual insurer can have innovation plans built around the right people, the right leadership, and the right solutions.  MMG has managed to attract, retain and develop top technology talent, and we’ve seen this reflected in how they’re innovating around data and analytics with our Enterprise Data Warehouse solution, and leveraging our P&C Core Suite and Digital1st Insurance™ platforms in the cloud to modernize, optimize and grow their business.  We are honored to be their partner.”

In presenting the award, Chuck Chamness, NAMIC’s President and CEO, remarked: “Throughout the United States, businesses are scrambling to fill jobs left behind by retiring baby boomers. This talent shortage has moved the property/casualty insurance industry to the forefront of creating new and innovative ways to attract young people to the industry, all the while developing leadership skills within current employees to prepare them for the future. The creative and effective strategy employed by MMG to build its employee and leadership base is a great example for the insurance industry and the business sector as a whole.”

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 eConnect™, 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.

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: integration risks;  changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; technology development risks; intellectual property rights risks; competition risks; additional scrutiny and increased expenses as a result of being a public company; the financial condition, financing requirements, prospects and cash flow of Majesco; loss of strategic relationships; changes in laws or regulations affecting the insurance industry in particular; restrictions on immigration; the ability and cost of retaining and recruiting key personnel; the ability to attract new clients and retain them and the risk of loss of large customers; continued compliance with evolving laws; customer data and cybersecurity risk; and Majesco’s ability to raise capital to fund future growth.

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.

Majesco Research Underscores a New Small-Medium Business Market Reality that Demands New Insurance Strategies to Capture the Window of Opportunity

Morristown, NJ – May 28, 2019 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced the release of new primary research report, Building the Business Model for the Next Generation of Small-Medium Business Leaders, based on its third annual survey of small-medium business owners (SMBs) who make or influence insurance purchase decisions for their companies.  The report underscores shifts in behaviors and expectations of the SMB market that demand insurers to rethink their business to retain their customer base and capture growth opportunities emerging for a growing and underserved market of over 30 million SMBs, which comprise over 99% of all businesses in the U.S.

“Embracement of digital technologies, new SMB market opportunities and the generational shift and influence of Millennials and Gen Z are rapidly redefining how insurers must engage and respond,” commented Denise Garth, SVP of Strategic Marketing, Industry Relations and Innovation at Majesco. “Over the next 7 years, Millennials and Gen Z will become the dominant owners and influencers in the SMB market as they launch new startups and take over the helm of existing businesses. This new generation of SMB leaders use digital technologies in their daily life and business which subsequently influence their behaviors and expectations, requiring new risk products, services, and engagement channels.”

The acceleration of these market trends and digital technologies is broadening SMB interest in new insurance products, services and business models – putting insurers with innovative offerings in a first-mover position to win market share and fast-track growth strategies.  Some key findings:

  • Up to 38% of Gen Z and Millennial SMBs purchased business insurance online, within the 10-99 employees segment — doubling from last year.
  • From 37% to 48% of Gen Z and Millennial SMBs use connected devices like security systems and cameras, thermostats and smoke detectors.
  • Nearly 35% of larger Gen Z and Millennial SMBs offer employees discounts on life or health insurance if they use fitness trackers.
  • Up to 32% of SMBs purchased on-demand insurance to cover an event or product for a specific period of time.
  • SMBs have strong interest in value-added services – nearly 75% across all segments.
  • SMBs have strong interest levels of nearly 60% in social and peer-to-peer features and business models.
  • Among medium and larger Gen Z and Millennial SMBs, there is exceptionally strong interest in products using new data sources for pricing and underwriting risk.
  • Gen Z and Millennials would strongly consider purchasing insurance from the “Tech Giants” including Amazon, Google, Apple, Netflix and others.
  • SMBs are interested in buying insurance from sources other than agent/broker or company channels and they want to digitally manage their policies.

The increasing demand for and use of digital technologies, the emergence of innovative new niche businesses, and the shift of the Gen Z and Millennials as SMB owners will require innovative new insurance business models, products, services and channels to capture the growth opportunities.  The crucial and strategic question for existing insurers is: Are you ready to capture the tremendous growth opportunities in this vast market — but in a new, innovative and digital way?

The thought leadership report is available to download on the Majesco website, or you can request a copy by emailing info@majesco.com.

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™ L&A and Group Core Suite (Policy, Billing, Claims); Digital1st Insurance™ with Digital1st eConnect™, 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.

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: integration risks;  changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; technology development risks; intellectual property rights risks; competition risks; additional scrutiny and increased expenses as a result of being a public company; the financial condition, financing requirements, prospects and cash flow of Majesco; loss of strategic relationships; changes in laws or regulations affecting the insurance industry in particular; restrictions on immigration; the ability and cost of retaining and recruiting key personnel; the ability to attract new clients and retain them and the risk of loss of large customers; continued compliance with evolving laws; customer data and cybersecurity risk; and Majesco’s ability to raise capital to fund future growth.

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.

Majesco CEO Adam Elster Presents at Needham & Company’s Emerging Technology Conference and B. Riley’s Annual Investor Conference

Morristown, NJ – May 23, 2019 – Majesco (NASDAQ: MJCO), a global provider of cloud insurance platform software, today announced presentations from CEO Adam Elster at two major investor conferences this week.

They include B. Riley’s Annual Investor Conference taking place today in Beverly Hills, CA and Needham & Company’s Emerging Technology Conference, which was hosted in New York, NY on May 21, 2019.

“I am thrilled to share Majesco’s compelling market opportunity with the investors at these two conferences,” said CEO Adam Elster. “Majesco is already known in the industry for its strength in completeness of vision and capability. Innovative companies including large traditional brands, new greenfields and InsurTech startups are leveraging Majesco’s cloud and SaaS-based solutions to redefine the future of insurance and meet the demands of tomorrow, right now. The rapid growth in adoption of our next-generation cloud, API and microservices-based platforms is a testament to our leadership in the market and the cutting-edge value we’re bringing to companies across the industry.”

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™ L&A and Group Core Suite (Policy, Billing, Claims); Digital1st Insurance™ with Digital1st eConnect™, 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.

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: integration risks;  changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; technology development risks; intellectual property rights risks; competition risks; additional scrutiny and increased expenses as a result of being a public company; the financial condition, financing requirements, prospects and cash flow of Majesco; loss of strategic relationships; changes in laws or regulations affecting the insurance industry in particular; restrictions on immigration; the ability and cost of retaining and recruiting key personnel; the ability to attract new clients and retain them and the risk of loss of large customers; continued compliance with evolving laws; customer data and cybersecurity risk; and Majesco’s ability to raise capital to fund future growth.

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.

Majesco Announces Webcast for Investor Day 2019

The event to be webcast live from the Nasdaq MarketSite in Times Square, New York

Morristown, NJ – May 7, 2019:  Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation today announced that it will webcast the formal portion of its Investor Day live from the Nasdaq MarketSite in Times Square, New York on Wednesday, May 8, 2019.

Over the course of the event, Majesco’s senior leadership team will lay out the company’s growth strategy and articulate the market opportunities for the Majesco brand. They will highlight Majesco’s vision for the future of insurance, emphasizing the company’s next-generation capabilities, unparalleled domain expertise, industry leadership and strategic partnerships, all focused on helping insurers meet the demands of tomorrow, now.

Details of the Live Webcast

The formal management presentations and Q&A sessions will be held from 1:00 p.m. until 4:30 p.m. ET on Wednesday, May 8, 2019.

The live webcast can be accessed at https://edge.media-server.com/m6/p/gr6dwxpj and the associated slides will be accessible at http://investors.majesco.com with a replay available for 12 months.

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 190 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™ L&A and Group Core Suite (Policy, Billing, Claims); Digital1st Insurance™ with Digital1st eConnect™, 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.

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: integration risks;  changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; technology development risks; intellectual property rights risks; competition risks; additional scrutiny and increased expenses as a result of being a public company; the financial condition, financing requirements, prospects and cash flow of Majesco; loss of strategic relationships; changes in laws or regulations affecting the insurance industry in particular; restrictions on immigration; the ability and cost of retaining and recruiting key personnel; the ability to attract new clients and retain them and the risk of loss of large customers; continued compliance with evolving laws; customer data and cybersecurity risk; and Majesco’s ability to raise capital to fund future growth.

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.

Corporate Contact                                                                                      

Ann Massey
SVP-Finance
+1 973 461 5190
ann.massey@majesco.com

Investor Contact
SM Berger & Co
Andrew Berger
+1 216 464 6400
andrew@smberger.com

Majesco Announces Record Fourth Quarter and Full Year Fiscal 2019 Results

Fourth quarter revenue of $36.9M up 11.9% year over year
Full year revenue of $139.9M up 13.7% year over year
Fourth quarter cloud revenue of $16.3M up 54.9% year over year
Full year cloud revenue of $56.8M up 52.6% year over year
Fourth quarter EBITDA of 12% up 9% year over year
Full year EBITDA of 12.3% up more than 200% year over year
Cloud revenue now represents more than 40% of total revenue

 Morristown, NJ – May 7, 2019 – Majesco (NASDAQ: MJCO), a global provider of cloud insurance platform software, today announced strong financial results for the fiscal 2019 fourth quarter and full year that ended March 31, 2019.

“We had a great year for revenue, EBITDA and new sales,” stated Adam Elster, Majesco’s CEO.  “Companies of all sizes are turning to Majesco to partner with us on their digital transformation journey.  I am more excited than ever about the opportunity ahead, the future of Majesco and the insurance industry.  Our relentless focus on delivering innovation and customer success has fueled our growth and solidified our leadership.”

“I am excited by our momentum, and as we look to fiscal 2020 we remain committed to leveraging our technology, expertise and leadership to help insurers modernize, innovate and connect to build the future of their business – and the future of the insurance industry – at speed and scale.”

Key Revenue Drivers

  • Revenue from cloud-based customers was $56.8 million (40.6% of total revenue) for the year ended March 31, 2019, up 52.6% as compared to $37.2 million (30.3% of total revenue) during the year ended March 31, 2018.
  • Total number of cloud customers is now 54.
  • Total recurring revenue was at $45.8 million (32.8% of total revenue) for the year ended March 31, 2019, up 38.8% as compared to $33.0 million (26.8% of total revenue) for the year ended March 31, 2018.
  • Majesco’s 12-month order backlog as of March 31, 2019 was $96.9 million, up 13.5% from $85.4 million on December 31, 2018.
  • We added 19 new clients organically for the year ended March 31, 2019.

Fourth Quarter 2019 Financial Results

  • Revenue was $36.9 million, compared to $32.9 million for the same period last fiscal year. The 11.9% increase in revenue was driven by footprint expansion in existing accounts, new logos, and the acquisition of Exaxe.
  • Gross profit was $17.9 million (48.5% of revenue), compared to $15.4 million (46.9% of revenue) for same period last fiscal year. The 160-basis point increase in gross profit margin was driven by a higher margin mix of revenue.
  • Research and development (R&D) expenses were $5.0 million (13.5% of revenue), compared to $4.6 million (13.9% of revenue) for the same period last fiscal year. Investments in R&D were focused on Majesco’s product roadmap to support next generation insurance solutions and digital offerings.
  • Selling, general and administrative (SG&A) expenses were $10.5 million (28.5% of revenue), compared to $10.0 million (30.4% of revenue) for the same period last fiscal year. The reduction in SG&A as a percent of revenue reflects improved operating leverage.
  • Adjusted EBITDA was $4.4 million (12.0% of revenue), compared to $2.9 million (8.8% of revenue) for the same period last fiscal year.
  • Net income was $1.2 million, or $0.03 per diluted share as compared to net income of $0.4 million, or $0.01 per diluted share, for the same period last fiscal year. Net income was significantly higher due to increases in revenue and profitability.

Fiscal Year 2019 Financial Highlights

  • Revenue for fiscal 2019 was $139.9 million, compared to $123.0 million last fiscal year. The 13.7% increase in revenue was driven by expansion within existing accounts, new logos, and the acquisition of Exaxe.
  • Gross profit was $68.5 million (49.0% of revenue) for fiscal 2019, compared to $55.9 million (45.4% of revenue) last fiscal year. The 360 basis point increase in gross profit margin was driven by a higher margin mix of revenue.
  • R&D expenses were $19.3 million (13.8% of revenue) for fiscal 2019, compared to $17.3 million (14.0% of revenue) last fiscal year.
  • SG&A expenses were $39.1 million (28.0% of revenue) for fiscal 2019, compared to $41.0 million (33.4% of revenue) last fiscal year. The decrease in SG&A was driven by improved control of G&A expenses and higher operating efficiencies.
  • Adjusted EBITDA for fiscal 2019 was $17.2 million (12.3% of revenue), compared to $5.7 million (4.6% of revenue) last fiscal year.
  • Net income for fiscal 2019 was $6.9 million or $0.18 per diluted share, compared to a net loss of $5.0 million or $(0.14) per share last fiscal year.

EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this press release to GAAP are included in the financial section of this press release.

Balance Sheet Highlights

  • Majesco had cash and cash equivalents of $39.4 million at March 31, 2019, compared to $14.5 million at December 31, 2018, and $9.2 million as at March 31, 2018.
  • Majesco was debt free at March 31, 2019, compared to $13.7 million in total debt at December 31, 2018, and $13.6 million at March 31, 2018.

Other Highlights

  • The company announced the acquisition of the India based insurance software business from its parent company, Majesco Limited. The transaction received shareholder approval on April 30, 2019, and the acquisition is expected to close in mid-May.
  • On February 25, 2019, Majesco completed a rights offering pursuant to which it received approximately $43.5 million in gross proceeds from the sale of 6,123,463 shares of the company’s common stock to shareholders who exercised their subscription rights (including both basic and over-subscriptions) in the rights offering.

Conference Call and Webcast Information

Majesco management will conduct a live teleconference to discuss Majesco’s fiscal 2019 fourth quarter and full year financial results at 8:00 a.m. ET on Wednesday, May 8, 2019.  Anyone interested in participating should call 888-256-1007 if calling from the U.S., or 323-994-2093 if dialing internationally.  A replay will be available until May 22, 2019, which can be accessed by dialing 844-512-2921 within the U.S. and 412-317-6671 if dialing internationally.  Please use passcode: 7826361 to access the replay.

In addition, the call will be webcast and will be available on the Company’s website at www.majesco.com or by clicking here.

Use of Non-GAAP Financial Measures

In evaluating our business, we consider and use EBITDA as a supplemental measure of operating performance. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We present EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties as a measure of financial performance.  We define Adjusted EBITDA as EBITDA before stock-based compensation, a one-time reversal of accrual for contingent liability and one-time transaction costs related to the Exaxe acquisition.

The terms EBITDA and Adjusted EBITDA are not defined under U.S. generally accepted accounting principles, or U.S. GAAP, and are not a measure of operating income, operating performance or liquidity presented in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA have limitations as an analytical tool, and when assessing Majesco’s operating performance, investors should not consider EBITDA or Adjusted EBITDA in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with U.S. GAAP. Among other things, EBITDA and Adjusted EBITDA do not reflect our actual cash expenditures. Other companies may calculate similar measures differently than Majesco, limiting their usefulness as comparative tools. We compensate for these limitations by relying on U.S. GAAP results and using EBITDA and Adjusted EBITDA only as supplemental.

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 190 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™ L&A and Group Core Suite (Policy, Billing, Claims); Digital1st Insurance™ with Digital1st eConnect™, 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 harbour” 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 (SEC) and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K for the fiscal year ended March 31, 2018 filed with the SEC on June 22, 2018.

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:  integration risks;  changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; technology development risks; intellectual property rights risks; competition risks; additional scrutiny and increased expenses as a result of being a public company; the financial condition, financing requirements, prospects and cash flow of Majesco; loss of strategic relationships; changes in laws or regulations affecting the insurance industry in particular; restrictions on immigration; the ability and cost of retaining and recruiting key personnel; the ability to attract new clients and retain them and the risk of loss of large customers; continued compliance with evolving laws; customer data and cybersecurity risk; and Majesco’s ability to raise capital to fund future growth.

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.

Investor Contact

SM Berger & Co
Andrew Berger
+216 464 6400
andrew@smberger.com

 Corporate Contact

Ann Massey
SVP-Finance
(973) 461-5190
Ann.massey@majesco.com

Capgemini and Majesco Become Alliance Partners

New York, May 06, 2019 – Capgemini today announced it has signed an alliance partner agreement with Majesco (NASDAQ:MJCO), a global leader of core insurance software for insurance business transformation. In the agreement, Capgemini will bring its extensive insurance innovation, customer service and digital capabilities to implementations of the Majesco Life & Annuity (L&A) and Group Core Suite for insurance carriers in the life, annuity, group, worksite, and voluntary benefits market, helping them to achieve speed to value.

“Disruption is creating unprecedented growth and innovation opportunities in the insurance industry,” said Seth Rachlin, Chief Innovation Officer for Insurance, at Capgemini. “Customer expectations are moving insurers rapidly to a new generation of digitally superior insurance which requires continuous innovation to acquire and retain customers, introduce products faster, improve efficiency, and reduce costs.”

Capgemini already has implementations underway of the Majesco L&A and Group Core Suite, which includes policy, billing, and claims modules. Capgemini is teaming with Majesco to provide business and systems transformation capabilities along with implementation, integration, conversion, and testing services to group and individual insurers. Additionally, Capgemini will bring its insurance expertise, ecosystem, and InsurTech partnerships to an upcoming L&A and group platform offering with Majesco L&A and Group Core Suite at its heart. The platform will allow insurers to become “Open Insurers” that leverage API and services architectures to rapidly build a digital ecosystem to overcome legacy system setbacks.

“The L&A and Group insurance market is undergoing rapid innovation and transformation that demands modern core solutions underpinned by strategic partnerships that enable implementation in months versus years,” stated Adam Elster, CEO of Majesco. “Our relationship with Capgemini will bring business and technology transformation and systems integration expertise to our customers to achieve speed to value. As we accelerate our growth plans, we want to ensure that our customers have access to the best products, expertise, knowledge and leadership critical for their business innovation and transformation plans, regardless of insurer line of business, size or market. This announcement reinforces our commitment to strategic alliance partnerships that deliver exceptional value to our customers.

Press Contact:
Mary Sacchi 
WE Communications for Capgemini
Tel.: +1 718 916 6873
E-mail: msacchi@we-worldwide.com

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 190 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™ L&A and Group Core Suite (Policy, Billing, Claims); Digital1st Insurance™ with Digital1st eConnect™, 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 Capgemini

A global leader in consulting, technology services and digital transformation, Capgemini is at the forefront of innovation to address the entire breadth of clients’ opportunities in the evolving world of cloud, digital and platforms. Building on its strong 50-year heritage and deep industry-specific expertise, Capgemini enables organizations to realize their business ambitions through an array of services from strategy to operations. Capgemini is driven by the conviction that the business value of technology comes from and through people. It is a multicultural company of over 200,000 team members in more than 40 countries. The Group reported 2018 global revenues of EUR 13.2 billion.

Majesco to Report Fiscal 2019 Fourth Quarter and Full Year Financial Results on May 8, 2019

Conference Call Scheduled for May 8, 2019 at 8:00 a.m. ET

Morristown, NJ – May 1, 2019:  Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that the Company will report its fiscal 2019 fourth quarter and full year financial results before the market opens on Wednesday, May 8, 2019.

Conference Call and Webcast Information

Majesco leadership will conduct a live teleconference to discuss Majesco’s fiscal 2019 fourth quarter and full year financial results at 8:00 a.m. ET on Wednesday, May 8, 2019.

Anyone interested in participating should call 888-256-1007 if calling from the U.S., or 323-994-2093 if dialing internationally.

A replay will be available until May 22, 2019, which can be accessed by dialing 844-512-2921 within the U.S. and 412-317-6671 if dialing internationally. Please use passcode: 7826361 to access the replay.

In addition, the call will be webcast and will be available on the Company’s website at www.majesco.com or by visiting http://public.viavid.com/index.php?id=134419.

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 190 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™ L&A and Group Core Suite (Policy, Billing, Claims); Digital1st Insurance™ with Digital1st eConnect™, 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.

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: integration risks;  changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; technology development risks; intellectual property rights risks; competition risks; additional scrutiny and increased expenses as a result of being a public company; the financial condition, financing requirements, prospects and cash flow of Majesco; loss of strategic relationships; changes in laws or regulations affecting the insurance industry in particular; restrictions on immigration; the ability and cost of retaining and recruiting key personnel; the ability to attract new clients and retain them and the risk of loss of large customers; continued compliance with evolving laws; customer data and cybersecurity risk; and Majesco’s ability to raise capital to fund future growth.

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

Corporate Contact
Ann Massey
SVP-Finance
+1 973 461 5190
ann.massey@majesco.com

 

Investor Contact
SM Berger & Co
Andrew Berger
+1 216 464 6400
andrew@smberger.com

Majesco to Announce Three-Year Strategic Plan at May 8th Investor Day at Nasdaq

Majesco to be one of the first companies to host its Investor Day at Nasdaq’s new MarketSite in New York

Morristown, NJ – April 25, 2019:  Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, will host its annual Investor Day at the Nasdaq MarketSite in Times Square, New York from 1:00 to 5:30 pm, with a cocktail reception immediately following.

Over the course of the event, Majesco’s senior leadership team will lay out the company’s growth strategy and articulate the market opportunities for the Majesco brand. They will highlight Majesco’s vision for the future of insurance, emphasizing the company’s next-generation capabilities, unparalleled domain expertise, industry leadership and strategic partnerships, all focused on helping insurers meet the demands of tomorrow, now.  In addition to leadership presentations, the event will include demo stations and a customer/partner panel.

In mid-April, CEO Adam Elster launched the new face and future of Majesco at Convergence 2019, the company’s sold-out customer conference, where he emphasized the company’s promise and focus on helping insurers build the next generation of their businesses and the industry at speed and scale.  He also highlighted Majesco’s commitment to connect insurers with the products, insights and best practices they need to execute their digital transformation strategies, noting both the company’s rich history and the cutting-edge innovation and value they’re bringing to the insurance industry.

“I am excited to introduce our expanded leadership team and three-year strategic plan at our Investor Day on May 8th,” said Majesco’s CEO Adam Elster.  “There has been a lot of activity across our organization in recent months. We just launched a new marketing campaign, announced new strategic partnerships, and unveiled exciting upgrades to our product offerings.  Our cloud-based strategy is resonating in the market. I look  forward to outlining our vision for the future, and sharing our product roadmaps, financial progress and customer insights with investors next month.”

“We are very pleased to welcome Majesco to Nasdaq’s family of innovative growth companies,” said Nelson Griggs, President of the Nasdaq Stock Exchange.  “A Nasdaq listing will provide Majesco with improved liquidity, increased visibility and greater exposure to the institutional community.  We look forward to our partnership with Majesco as the company achieves its milestones in the years to come.”

Participants must be preregistered to attend the event.  To register please email investorday2019@majesco.com.

Details of the Investor Day include:

Date                        May 8, 2019
Time                        1:00 to 5:30 (to be followed by a cocktail reception)
Location               Nasdaq MarketSite, 4 Times Square New York, NY 10036

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 190 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™ L&A and Group Core Suite (Policy, Billing, Claims); Digital1st Insurance™ with Digital1st eConnect™, 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 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.

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: integration risks;  changes in economic conditions, political conditions, trade protection measures, licensing requirements and tax matters; technology development risks; intellectual property rights risks; competition risks; additional scrutiny and increased expenses as a result of being a public company; the financial condition, financing requirements, prospects and cash flow of Majesco; loss of strategic relationships; changes in laws or regulations affecting the insurance industry in particular; restrictions on immigration; the ability and cost of retaining and recruiting key personnel; the ability to attract new clients and retain them and the risk of loss of large customers; continued compliance with evolving laws; customer data and cybersecurity risk; and Majesco’s ability to raise capital to fund future growth.

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.