Majesco has signed an agreement to acquire InsPro Technologies, a US-based software solution provider to the life and annuity insurance market.

As agreed, Majesco will pay around $12m as total consideration for the transaction, structured as cash for stock merger deal.

Headquartered near Philadelphia, InsPro Technologies provides an insurance administration and marketing system called InsPro Enterprise platform.

This platform is used by insurance carriers and third-party administrators, and processes more than 15 million policies in the US.

With this acquisition, Majesco seeks to expand domain depth in voluntary, group, voluntary benefits, and worksite markets.

Furthermore, the deal adds more than 50 InsPro Technologies staff to Majesco team.

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Majesco CEO Adam Elster said: “The InsPro team brings years of experience and amazing talent to the global Majesco team.

“Together, we’ll focus on bridging customers to the new world with continuous software innovation that help them take advantage of the market growth opportunities in today’s insurance experience with cloud and digital transformation.”

InsPro Technologies customer delivery leader John Heidelberger said: “We looked long and hard for a partner that shared our view of the digital future for group and individual insurance lines.

“As a former insurance industry CIO and long term practitioner, I’m confident our line of business policy processing experience coupled with Majesco’s significant investments in digital solutions will allow us to offer our combined customer base a wider selection of solutions while providing even greater career opportunities for our committed team.”

The completion of the transaction is subject to customary closing conditions.