On 12 March 2019, Majesco Software and Solutions Inc. (MSSI), a subsidiary of Majesco, and Alamance Services, Inc. (Alamance) signed a Settlement Agreement and Release (the Settlement Agreement) settling the previously disclosed action commenced by Alamance against MSSI in the Supreme Court of the State of New York. Pursuant to the terms of the Settlement Agreement, MSSI paid Alamance US a cash settlement amount following which the parties filed a Stipulation of Discontinuance dismissing the action with prejudice. Majesco expects that most of the amount paid by MSSI will be covered by its insurance policy.
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