Majesco Acquires InsPro Technologies

Majesco (NASDAQ: MJCO) entered into a merger agreement to acquire InsPro Technologies Corporation, a U.S.-based provider of policy administration software for the life and annuity insurance market. The cash-for-stock transaction (approximately $12 million of consideration) is intended to expand Majesco's capabilities and scale in the life & annuity, group and voluntary benefits segments; InsPro brings over 50 employees and an established policy administration platform serving large insurers and third-party administrators.