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.
IMACS was the ancestor of InsPro Enterprise, according to Inspro’s Form 10-K annual report for 2019.
InsPro acquired Atiam Technologies L.P. in October 2007.
Early on, InsPro went by the name Health Benefits Direct Corp. It changed its name to InsPro in 2010.
In 2013, in an interview, Oakes estimated that InsPro was administering, or helping other organizations administer, about 10% of the U.S. long-term care insurance policies that were then in force.
— Read Health Benefits Raises Capital, on ThinkAdvisor.