Majesco's US subsidiary, Majesco has entered into a merger agreement on 30 January 2020, for a merger with InsPro Technologies Corporation (Inspro), a U.S. based software leader in the life and annuity insurance market. In consideration for the merger, Majesco shall pay the sellers USD 12 million, subject to adjustments (including for cash and certain debt of InsPro), upon the closing of the transaction.
Accordingly, upon the closing of the Merger, InsPro will become a direct wholly-owned subsidiary of Majesco, and a step-down subsidiary of the Company.
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