Cloud tech firm Majesco acquires Exaxe Holdings

By: |
Mumbai | Published: November 29, 2018 4:44:57 AM

Cloud insurance technology firm Majesco on Wednesday announced that its US subsidiary is set to acquire Dublin-based Exaxe Holdings, a software-as-a-service (SaaS) solutions provider, for up to €11.61 million (approximately Rs 93 crore).

Cloud tech firm Majesco acquires Exaxe Holdings

Cloud insurance technology firm Majesco on Wednesday announced that its US subsidiary is set to acquire Dublin-based Exaxe Holdings, a software-as-a-service (SaaS) solutions provider, for up to €11.61 million (approximately Rs 93 crore). Exaxe is a provider of digital solutions to the life, annuity and wealth management sectors. Its SaaS-based solutions support insurance customer policies in the UK, Ireland and other European countries.

Majesco USA consummated the purchase of 90% of securities and has agreed to purchase the remaining 10% on August 1, 2019. The firm paid €6.39 million for the acquisition and has agreed to make an additional payment of €0.72 million for the remainder of the securities. Accordingly, Exaxe has become a direct subsidiary of Majesco USA and a step down subsidiary of the company.

There will also be a deferred consideration payment of up to €4.50 million, based on achievement of the adjusted EBITDA for the calendar years 2019, 2020 and 2021, according to an exchange release. The transaction will be based on cash as well as ESOPs of Majesco USA to founders of Exaxe. For the calendar year 2017, Exaxe Holdings had recorded revenues of €3.7 million.

Read Also| Rising impact investments driving growth of e-governance platforms

Majesco said the acquisition will help in expansion of the business in the UK and the European Union. “This acquisition will strengthen and expand Majesco’s software offerings in EMEA for the individual life, pensions and wealth management market while complementing Majesco’s software and group-focused customer base in the UK,” the company said in the release.

For latest coverage on Maharashtra Assembly Election 2019 and Haryana Assembly Election 2019, log on to financialexpress.com. We bring you full coverage of Assembly Election 2019 on Financial Express, stay tuned for latest election updates.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.