Majesco announced that its subsidiary, Majesco, USA has entered into a Share Purchase Agreement on 27 November 2018, for acquisition of all the issued share capital (collectively, the Securities) of Exaxe Holdings , a private limited company incorporated in Ireland (Exaxe). Majesco, USA consummated the purchase of 90% of the Securities. Majesco, USA has agreed to purchase and the sellers have agreed to sell to Majesco, USA the remaining 10% of the Securities on 01 August 2019.
In consideration for purchase of the Securities, Majesco, USA paid the sellers Euro 6.39 Million. In addition, Majesco, USA agreed to make an additional payment to the sellers of Euro 0.72 Million for the remainder of the Securities on 01 August 2019.
Accordingly, Exaxe has become a direct subsidiary of Majesco, USA and step-down subsidiary of the Company.
Exaxe is a leading SaaS solutions provider with strong digital and robo-advice capabilities providing full lifecycle support for life, pension & wealth management products. It has presence in Ireland and United Kingdom (UK).
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