On October 3, 2022, Majesco, a global leader in cloud insurance software solutions, acquired Global IQX, a SaaS-based insurtech, to bolster its market offerings. The acquisition added sixteen customers and advanced underwriting, enrollment, and AI solutions to Majesco’s portfolio, enhancing its core and absence management solutions. The transaction aimed to drive innovation, operational effectiveness, and superior customer experiences in the Life & Health (L&AH) insurance market.

Adam Elster, CEO of Majesco, emphasized the strategic fit and growth opportunities, while Mike de Waal, CEO of Global IQX, highlighted the combined value and competitive advantage offered to the L&AH industry. The integration of Global IQX solutions with Majesco Policy for L&AH aimed to elevate underwriting and enrollment capabilities, providing a robust, AI-driven underwriting workbench.

The acquisition underscored Majesco’s commitment to accelerating digital business transformation for insurers, improving operational effectiveness, underwriting profitability, and fostering innovation. Karlyn Carnahan from Celent noted the significant market impact of the acquisition, aligning with Majesco’s North American strategy.

Torys and Sheppard, Mullin, Richter & Hampton LLP acted as legal advisors to Majesco. D.A. Davidson & Co. served as the exclusive financial and strategic advisor to Global IQX, with LaBarge Weinstein providing counsel.