(Photo credit: Christian Fischer.)
In late September, MajescoMastek announced its demerger from parent company Mastek, and launch as an independent company under the Majesco name. CEO Ketan Mehta commented at the time that as an independent company, Majesco would be “better positioned to pursue a domain-centric business model and make necessary investments in R&D, talent development and brand building.” He added that the company was poised to be “the one-stop technology solutions provider for insurance carriers globally.”
Before the end of the month, that bold statement was followed up at the company’s Convergence user conference later in the month at the Trump International Hotel and Tower in Chicago. In an address to the attendees, Mehta said that the company would pursue an aggressive growth strategy.
That language reappeared several times as Mehta made good on the promise with three notable announcements from the software and services firm:
- The appointment of former Novarica analyst Chad Hersh to lead Majesco’s L&A and Group Benefits units;
- The acquisition of Columbus, Ohio-based consulting firm Agile Technologies’ insurance business; and
- Majesco’s merger with Cover-All, with the combined entity operating under the Majesco name.
Of the latter item—which creates an entity with more than 150 customer globally and annual revenue over $100 million—Donald Light, Director of Celent’s Americas P&C Insurance practice, noted that, “Majesco has moved quickly to create a big player with impressive resources. He added, “Now comes the harder work of integration, vision and creating value for current and future customers.”
Majesco’s aggressive moves come at a time when Guidewire continues to issue new licenses for its PolicyCenter software, including Capital Insurance Group (already a BillingCenter customer) and Germania Insurance during the last two weeks.
However, other core system vendors continue to announcing wins. For example, during the last week IIR has reported on three core system contracts:
- Insurity has won the business of iconic heavy equipment company Caterpillar’s insurance wing;
- Oceanwide announced that HDI-Gerling America will implement the vendor’s Bridge system; and
- ISCS gained Clement Worldwide as a customer that will modernize on the SurePower Innovation system.