Majesco eyes acquisitions, talent to expand footprint

MUMBAI: Insurance technology software firm Majesco, which will be listed on the New York Stock Exchange in July , has said that it is looking for more acquisitions and talent as it seeks to grow in markets such as the UK and Asia-Pacific.

"We want to use the higher valuation we will get from the listing as currency for future acquisitions and use that in the form of stock options to attract top talent," Ketan Mehta, CEO of Majesco told ET. The company reported revenues of about $100 million in 2014-15.

The New York-based company has also expanded its leadership team. It named Arun Maheshwari, former head of CSC India, as its executive chairman. It also appointed Ed Ossie, former president of the Innovation Group and former vice president at technology M&A advisory firm Corum Group, as chief operating officer.

Majesco was demerged from the IT services company last year and, through its December agreement to buy US-listed firm Cover-All technologies, will be listed on the New York Stock Exchange. The company plans to use that listing as a springboard to catapult into a higher league of insurance product providers. In January , Majesco said it had bought insurance consulting firm Agile.While the cover-all deal added 150 employees to the company , Agile added another 55. The company is also growing its workforce organically .

"We are hiring close to 100 people a quarter, both in India and North America to continue to grow the business. These are people with domain expertise in insurance," said Mehta.

He added that there are lots of opportunities for acquisitions in the insurance sector, especially in markets such as the UK and Asia-Pacific where Majesco wants to grow.

About 85 per cent of its business comes from North America, with the rest coming from the UK and Asia-Pacific.

The company also announced that it signed four new customers in the past month.