Cloud insurance software developer Majesco is expecting to receive $35m in funding from its parent company, to support growth plans.
The company has completed a filing of a registration statement around a rights offering to all shareholders, which sees the company expecting a $35m investment which had been raised through a qualified institutional placement in India earlier this year.
New Jersey-based Majesco provides digital solutions which support the entire insurance value chain.
Its solutions include policy management, underwriting, billing, claims management, distribution management, analytics, predictive modelling, cloud services, and consulting services, among others.
Majesco is looking to use the capital in three separate areas, which includes making strategic acquisitions.
The initial use of the funds will be to pay off debt and reinforce its balance sheet, so it can act flexibly in future opportunities. Part of this process includes the support of future acquisitions to be made by the company.
Alongside this, the company will use its new equity to help it cement its presence across the EMEA region. This has been helped by its recent acquisition of Exaxe, a Dublin-headquartered a digital solution developer designed to aid life insurers with build digitalised platforms.
The final area the funds will be deployed is into supporting the platform and its growth. The company shall use funds to support the integration of Exaxe, and also bolster its cloud insurance offerings.
Majesco CEO Adam Elster said, “This capital provides us with additional resources to invest in enhancing our business platform. Our success in supporting insurance companies who are leveraging our cloud platform software to transform their business continues to grow, and we want to take advantage of this opportunity.”
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