Majesco has completed the previously announced acquisition of InsPro Technologies Corp.
Majesco is a Morristown New Jersey-based company that provides software and data storage services for insurance businesses through the web.
InsPro is the Eddystone, Pennsylvania-based company that offers the InsPro Enterprise marketing and policy administration system. Some of its insurance company clients use InsPro systems to manage 1 million or more policies.
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Majesco paid $12 million for InsPro.
Adam Elster, Majesco’s chief executive officer, said in a statement about the deal that Majesco has been working to expand its life and annuity and group insurance businesses.
“Our solid performance and financial position allow us to continue partnering with companies to accelerate and enable their cloud journey and business transformation,” Elster said in a statement.
Robert Oakes founded InsPro and a predecessor company, Systems Consulting Associates Inc., in 1986. The company later received a contract to develop IMACS, a direct marketing and administration system, for Provident Mutual Insurance Company.