New Delhi : Majesco, a wholly owned subsidiary of IT solutions firm Mastek, will merge with NYSE-listed Cover-All Technologies to tap into the insurance technology space globally. The combined entity, with over $100 million in estimated annual revenue, will retain the Majesco brand, a statement said. Reacting to the merger, Mastek stock rallied 19.99% to settle at Rs 324.80 — its upper circuit limit at the BSE. The market valuation of the company climbed Rs 124 crore to Rs 726.90 crore.
Majesco (formerly, MajescoMastek) provides core insurance systems and services to approximately 100 insurance carriers worldwide, while Cover-All Technologies is an insurance software company.
