New York City — July 21, 2015 — Majesco (NYSE MKT: MJCO), a global provider of cloud insurance platform software, consulting and services for insurance business transformation, has made its entire portfolio of property and casualty (P&C) insurance software products available to customers in a public cloud via the IBM Cloud. Majesco Billing, which supports both P&C and life and annuity (L&A) lines of business, is included in this launch, offering a unique customer-centric cloud based billing option for the industry.
By making its products available on IBM Cloud’s SoftLayer infrastructure, Majesco enables insurers to implement its core insurance software solutions in a secure, scalable, validated and proven environment as a viable option for their business transformation journey.
Commenting on the development, Ed Ossie, Chief Operating Officer at Majesco said, “We are pleased to extend our working relationship with IBM that has been evolving over a number of years. Working with IBM will help insurers transform their business with a modern core solution that can be deployed on a proven and tested environment. We’ve already seen our customers benefit with positive operational and strategic results from the private cloud approach.”
Majesco’s new offering builds on an existing foundation and experience in providing private cloud / hosting services for over 20 customers. This new capability with a public/hybrid cloud turnkey solution offers customers an even broader value proposition with the flexibility to scale based on their operational and strategic needs.
“The combination of Majesco’s software solutions and IBM Cloud’s SoftLayer platform provide our clients with a flexible, scalable, and secure global infrastructure allowing them to tap into data centers in specific countries and regions,” said Patricia Hamilton, VP of insurance strategy and transformation for IBM. “Insurers can fine-tune their cloud solution and rapidly deploy new servers and services to reach end users even faster.”
“Not surprisingly, the level of carrier interest in cloud computing continues to increase”, says Karlyn Carnahan, a research director with Celent’s insurance practice. “Cloud computing promises tremendous flexibility, tempting economic advantages, and unending operational efficiencies. To that end, leading service providers continue to invest in offering reliable, well managed cloud services to meet their customer needs.”
Majesco enables insurance business transformation for approximately 140 insurance customers by providing solutions which include software, consulting and services.
Our customers are insurers, MGA’s and other risk providers from the Property and Casualty, Life, Annuity and Group insurance segments worldwide. Majesco delivers proven software solutions, consulting and services in the core insurance areas such as policy, billing, claims, distribution management, BI/ analytics, digital, application management, cloud and more. For more details on Majesco, please visit majesco.com.
Ashwin Rodrigues Director — Global Marketing
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.