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Along with the addition of four new clients, the company also said that they have expanded its relationship with three existing clients. These agreements include specialized solutions and services in digital, data and quality assurance domain.
"The reason for the demerger was to exclusively focus on the insurance vertical, and we do see traction in the market. Insurance sector is at a stage when there is significant investment being made to move away from legacy systems. This shift will increase over the next five years and we will have the early movers advantage," said Ketan Mehta, CEO and founder, Majesco.
In September 2014, Majesco announced that it will consolidate its global insurance business through a demerger with Mastek, listed on Indian bourses. It also said that the US arm of Majesco is expected to be listed on the NYSE MKT in July 2015.
To beef up its presence in the insurance space, Mojesco also acquired Agile Technologies earlier this year. Last year it also announced the merger with NYSE listed Cover All Technologies. "We will start this year with a revenue base of around $100 million with close to 150 customers. We have been aggressively pursuing the demerger process and are awaiting approval from the high court. Our NYSE listing is undergoing SEC review. We expect to list by June end or July this year," said Mehta.
Mehta also added that going ahead acquisition will be one area to bring growth at Majesco. "We are investing on products and R&D, we have increased our investments in this area. As we invest aggressively the benefits will show in year or two," he added.
At present US is the largest revenue contributor with 85 per cent share, Uk contributes around 8 per cent and APAC is 7 per cent. "We do expect to grow in the UK and APAc region. Going ahead we will take the property and casualty platform that is in the US and customise it for the UK customers," he added.
Majesco has 1,800 employees, with the Cover All merger completed the headcount will hit 2,000.
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