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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, NJ August 8, 2020 – 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.

New Research Report from Majesco Highlights Market Growth Opportunity for Life Insurers Who Reimagine Their Business and Customer Experience

To be a market leader in the future, insurers need to transition their thinking from executing policy transactions to providing a life, health, wealth and wellness experience

Morristown, NJ August 6th, 2020 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software,  today announced the release of their 4th annual primary consumer research, Rethinking Life Insurance:  From a Transaction to a Life, Health, Wealth and Wellness Customer Experience,highlighting a shift from a focus on policy transactions to creating a broader life, health, wealth and wellness experience. The report provides a detailed analysis of new opportunities for growth and capturing a new generation of customers made possible by this shift. 

The report highlights the impact of status quo of business models used for decades and the 50-year-long decline in life insurance ownership, but outlines the opportunity to reverse course based on the high level of interest in life insurance and voluntary benefits by the Millennial and Gen Z generations.  In this new digital era, new expectations for a broader health, wealth and wellness focus will pressure insurers to develop products and services that are more affordable, tailored to very specific needs, digital-first, simpler, and grounded in trust.  Customer needs, expectations and demands will create demand for new, digital products like on-demand, single-item and embedded coverages, value-added services, and more, that are bundled in a way to help customers manage their lives. 

“Today’s customers are increasingly digitally adept, with higher expectations, different needs and a demand for better experiences that are not met with the ‘traditional’ insurance approach, creating a fault line between customers’ expectations and insurers’ ability to deliver.  This fault line is what this year’s consumer research for life insurance has identified and detailed in this report,” stated Denise Garth, SVP of Strategic Marketing, Industry Relations and Innovation at Majesco.  “The survey results in this report clearly indicate that customers want a relationship with a broader value to make their lives better across life, health, wealth and lifestyle needs.”

Life insurers must reimagine the scope of what they offer to customers. They must think of it as a compelling customer experience that is wrapped around a risk product and value-added services that are part of a broader health, wealth and wellness ecosystem.  This is where exciting new business opportunities await, and where new competitors are emerging.  Insurers have a choice of whether or not they are simply going to be product providers within an ecosystem that is developed outside of themselves, or whether they want to own the customer relationship and set the standard for an ecosystem where they operate as the core. 

The research highlights generational differences between Millennials and Gen Z versus Gen X and Boomers on their views of life insurance and the shift to a holistic view for health, wealth and wellness including:

  • Millennials and Gen Z believe life insurance is more important – 79% as compared to 69% for Gen X and Boomers. They also have a larger array of reasons why life insurance is important; many driven by new behaviors and needs.
  • Millennials and Gen Z are willing to share their personal information and data up to 39% more than the older generations.
  • Millennials & Gen Z outpace Gen X and Boomers in wanting access to all health, wealth and wellness areas by up to 33% or more
  • Millennials and Gen Z seek information and advice for a variety of areas: Health, Financial Planning, Legal, Tax, Mortgage loads, bank balances, etc.
  • The younger generations want access to their information such as policies, medical records, fitness data, and household purchases, reflecting a strong interest in value added services.
  • Millennials and Gen Z are open to a broader array of channels, including big tech like Amazon, Apple and Google.

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® 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.

Texas Farm Bureau Insurance Expands Lines of Business on Majesco Policy for P&C

Farm Liability Now in Production

Morristown, NJ – August 4th 2020 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software platforms, today announced Texas Farm Bureau Insurance expanded the lines of business on Majesco Policy for P&C with Farm Liability, converting from their legacy home-grown system. This follows their upgrade to Majesco CloudInsurer® announced in December 2019 and demonstrates their agility and speed to market for new lines of business.

“We’re continuing to modernize our operations by leveraging the Majesco Policy for P&C for a broader portfolio of our business to provide our customers with next generation capabilities that will enhance our service and strengthen our customer satisfaction ratings” says Craig Daughtery, Vice President of Underwriting at Texas Farm Bureau Insurance. “Majesco continues to deliver on its promise of providing innovative solutions delivered with speed and quality.”

Texas Farm Bureau Insurance has been protecting customers since 1952 with a mission to help customers manage financial risks of everyday life and successfully recover from any insured loss through prompt, professional, and personal service. For nine consecutive years, it has been proudly ranked “Highest Customer Satisfaction among Auto Insurers in Texas” by J.D. Power. Texas Farm Bureau Insurance has been a customer of Majesco since 2015.   

The expanding partnership will help Texas Farm Bureau Insurance to continue to deliver speed and scalability to their leading commercial lines of operation, ensuring top-level customer service.

“We’re proud to have Texas Farm Bureau Insurance as a partner and support them in their digital transformation,” says Prateek Kumar, EVP of Majesco. “As an organization who prides themselves on customer satisfaction, we’re happy to have helped them continue to press boundaries and improve their overall customer experience.”

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, 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.

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, NJJuly 30th, 2020  –  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.

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, NJJuly 28th,  2020 –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.

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 includes next-generation capabilities needed to meet the demands of today’s digital customer

Morristown, NJJuly 23rd, 2020 –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® customer.

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.

Majesco to be Acquired by Thoma Bravo

Majesco shareholders to receive $13.10 in cash per share Transaction provides significant premium to Majesco shareholders

Morristown, NJ – July 20, 2020 – Majesco (NASDAQ: MJCO), a global leader of cloud insurance software solutions for insurance business transformation, today announced that it has signed a 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 $594 million. Following the closing of the transaction, Majesco will operate as a privately held company.

Under the terms of the agreement, all Majesco shareholders of record will receive $13.10 in cash for each share of Majesco common stock upon closing of the transaction.  The price represents a premium of approximately 74% over Majesco’s average closing price 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 Board of Directors has unanimously approved the merger and recommends that shareholders approve the merger and Majesco Limited’s Board of Directors has unanimously approved the divestment of Majesco and recommended to its shareholder to approve the transaction. Majesco will solicit written consents from its shareholders to approve the Merger Agreement and expects to distribute the written consents in August 2020.

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 on or before the end of 2020.

Upon completion of the transaction, Majesco expects to continue to operate under the leadership of CEO Adam Elster and the existing Majesco Leadership Team.

“Our decision was made with the best interests of our stockholders and we believe that the transaction will also benefit our 2,400+ employees and our more than 200 customers,” said Elster.  “We are extremely excited to partner with Thoma Bravo, a firm with an established track record of working with companies transitioning to the cloud. This transaction delivers significant cash value to our stockholders.  Moreover, the added flexibility we will have as a private company, combined with the benefit of Thoma Bravo’s knowledge and domain expertise, can allow us to more effectively focus on our long-term investment and growth objectives, to the benefit of our employees, customers and partners. We are in alignment with Thoma Bravo on our strategic vision to help global insurers transition to the cloud.”

“We see Majesco as a leader in helping its insurance customers get to the cloud faster, and modernize their internal and external facing systems,” said A.J. Rohde, a partner at Thoma Bravo.  “We have tremendous confidence that Adam Elster and his management team, coupled with our operating capabilities and experience in this market, can help these customers fulfill that journey even quicker and more ambitiously.”

Matt LoSardo, a Vice President at Thoma Bravo added, “We’ve followed the impressive Majesco journey for many years. Digital transformation demand continues to grow as insurers look to modernize, and with our partnership we plan to accelerate product investment to support the needs of the insurance industry.”

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 is 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 2019 Annual Meeting of Stockholders (the “2019 Proxy Statement”), filed with the SEC on July 26, 2019, and in Current Reports on Form 8-K filed with the SEC on September 10, 2019 and on July 13, 2020.  To the extent that holdings of Majesco’s securities have changed since the amounts printed in the 2019 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.

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, NJ – July 16th, 2020 –  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.

Majesco Enables United Educators Digital Transformation Journey

Operational innovation using embedded RPA enhanced the customer experience and business operations by reducing the underwriting time to completion process

Morristown, NJ – July 14th, 2020 –  Majesco (NASDAQ: MJCO), a global provider of cloud insurance platform software, today announced its Technology Services unit enabled United Educators (UE) to successfully implement Robotic Process Automation (RPA) to optimize business operations by reducing manual processes and improving the customer experience.

UE is education’s answer to the distinct risks and opportunities surrounding every school and campus today. Created by the member institutions it serves, UE is an education-specific liability insurance company, mission-driven to understand and respond to its 1,600 members, their challenges, and the complex pace of change affecting education.

UE addresses its members unique risks through personalized underwriting resulting in tailored coverage. However, the lengthy 13-step underwriting process required the attention of several staff members and was slow and time consuming. With the help of RPA, UE transformed the process to one which is standardized, speedy, and scalable.

“Our custom underwriting service is what sets us apart from other carriers. By leveraging RPA, we’re now able to grow our business without staffing constraints while decreasing underwriting time to completion” says Bryan Elie, UE’s vice president for underwriting. “With the help of Majesco, we were able to respond to market demands, enhance our customer experience, and quickly implement this new tool and automated process for our new telemedicine endorsement in just two weeks, while in the middle of the COVID-19 pandemic.”

Additionally, Majesco helped UE design and automate a standard schedule based on business need. This schedule and tracking system, in addition to business rules, allows UE to schedule run times throughout the year to help improve operational efficiency. For example, with the custom RPA, UE is now able to automate pre-renewal underwriting processes during their busiest season – an improvement of 75% compared to the manual process.

“We’re thrilled to help United Educators establish a strong foundation for their digital transformation journey,” state Jim Miller, Chief Revenue Officer at Majesco. “Our long-term partnership with UE is expanding from an operational to a strategic focus and we’re excited about future projects that will further accelerate their digital transformation and grow their business.”

 

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.