Cloud insurance software solutions platform Majesco completed the acquisition of US-based SaaS company Utilant LLC in a bid to accelerate business innovation and enhance customer experience with new data and analytics business unit.
This acquisition will expand Majesco’s product portfolio and add over 87 customers in the P&C market segment, including global insurance carriers and top risk engineering companies. The new offering advances Majesco’s digital capabilities, drives operational value for insurers and ultimately improves customer experience with proactive risk management.
With this addition, Majesco launched an innovative Data and Analytics business unit combining Utilant technology with Majesco’s existing data and analytics solution. Utilant founder and CEO, Patrick Davis who joined the Majesco senior leadership Team will lead this new business.
The reason why Majesco chose Utilant was because of its SaaS solutions and AI/ML models that deliver the necessary technology that can address critical insurance trends and help keep pace in today’s digital race.
Commenting on the acquisition, Majesco CEO Adam Elster said, “The recent pandemic has accelerated the timeline for insurers to adopt critical technologies like AI/ML, digital core platforms and data and analytics.
“We’re pleased to offer our customers advanced, embedded data and analytics capabilities and next-generation insurance SaaS products that can provide them with a key competitive edge, improve underwriting profitability and accelerate their digital transformation journey.”
Raymond James & Associates acted as financial advisor to Utilant. Nomura Securities International, Inc. acted as financial advisor to Majesco, and Sheppard, Mullin, Richter & Hampton LLP acted as legal advisor to Majesco.
