(O’Connell Bridge over the River Liffey, Dublin. Photo credit: Hans-Peter Bock.)
Majesco (Morristown, N.J.), a global provider of cloud-based insurance software and consulting services, has acquired Exaxe, a Dublin-based cloud software provider in the life, pensions and wealth management industry focused on the EMEA region. Majesco expects the acquisition to strengthen and expand its software offerings in EMEA for the individual life, pensions and wealth management market while complementing the vendor’s software and group-focused customer base in the U.K.
“There is an undeniable move towards greater adoption levels of cloud-based core insurance solutions across the industry, especially among the mid-tier and below,” comments Jamie Macgregor, CEO, Head of Insurance, Celent (Boston). “This acquisition strengthens Majesco’s already deep insurance portfolio and provides them with access to a new client segment in Europe. Having the financial backing of Majesco and access to its technical bench will be a major step forward for the team at Exaxe and their suite of cloud-based products. I’m looking forward to see how the assets evolve and perform in new client deals.”
Majesco describes Exaxe as an award-winning SaaS provider of software solutions that help life and pensions companies with digital transformation by allowing them to launch new products faster, administer products more efficiently and respond with greater flexibility to the marketplace. Exaxe provides leading-edge front, middle, and back-office SaaS solutions specifically for life, pensions, and wealth sectors, according to Majesco’s statement on the acquisition. The statement adds the following:
- Exaxe’s SaaS based solutions provide full lifecycle support, from automated advice through sales, administration and claims for life, pensions and wealth management product sets.
- Exaxe SaaS solutions allow its clients to avoid large upfront license fees, to pay per usage and work anywhere, anytime.
- Exaxe solutions support insurance customer policies in the U.K., Ireland and other European countries.
- The company has won a number of awards for innovation and technology in the last 3 years.
“We are delighted to welcome Exaxe founders Norman [Carroll] and Philip [Naughton] along with the amazing talent they bring to our global Majesco team,” comments Adam Elster, CEO, Majesco. “Together, we’ll focus on bringing continuous innovation to our customers, helping them take advantage of the market opportunities in insurance with cloud and digital transformation.”
“Exaxe has accelerated the delivery of cutting-edge cloud technology to their clients and we are excited to introduce this to the already growing group of Majesco customers and prospects across Europe,” Elster adds.
“We are delighted to join the Majesco family as part of the next phase of growth for Exaxe,” comments Norman Carroll, CEO, Exaxe. “We looked long and hard for a partner that shared our view of the digital future for insurance and look forward to maximizing our potential as part of a leading insurance digital transformation player like Majesco. This was an easy decision for us. Majesco’s strength coupled with its complementary suite of innovative digital solutions and deep insurance industry expertise means we can offer a wider selection of solutions to new and existing clients and provide greater career opportunities for our committed team.”