New York, Dec 1, 2010: MajescoMastek, the U.S. subsidiary of global technology solutions provider Mastek Limited (BSE: MASTEK), announced today that it has acquired substantially all of the assets of Glastonbury, CT based SEG Software, LLC, a leading provider of policy administration systems covering individual and group life, health & annuity insurance products. This acquisition reinforces MajescoMastek’s commitment to the North American insurance market and will expand their presence and capabilities in the life and annuity policy administration arena.
The SEG acquisition will accelerate the delivery of the Elixir policy administration solution at MajescoMastek and complement the existing Elixir brand of solutions that include Elixir NB+U for new business / underwriting and Elixir Distribution Management. The SEG product engine provides market ready product and regulatory support for virtually all lines of individual and group life, health and annuity products and extends MajesoMastek’s reach into the health, true group and annuity payout markets.
"This acquisition will provide the life and annuity market place with a next generation configurable solution that gives immediate support for the range of life, health and annuity products in the industry. As companies re-tool their product offerings coming out of the recession the need for product flexibility and end to end capabilities is critical. The blend of the SEG capabilities combined with MajescoMastek’s depth of experience will provide a compelling offering to the North American market" said Mike Dufton, Executive Vice President of MajescoMastek "The industry has been searching for a solution that not just utilizes new technology but also comes with the comprehensive product and regulatory support required. The Elixir Policy Administration System combined with the SEG content and processing engine will deliver on the promises of the new technologies to drive significant value for insurance carriers.“
“SEG is very pleased to have entered into a transaction with a firm as committed to the North American insurance market as MajescoMastek. Through the years, SEG has earned a reputation of developing solutions the right way to support the complexities of the North American life and annuity market and we are thrilled that combined with MajescoMastek, we would be able to offer increased size and scale and broader range of capabilities in the marketplace.” said Tom Johnson, founder and CEO of SEG.
This initiative follows two prior acquisitions by MajescoMastek in the North American market, with Vector Insurance Services being acquired in 2007 and Systems Task Group (STG) acquired in 2008.