Majesco Announces Launch of its Rights Offering

MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco (NYSE American: MJCO), a global provider of cloud insurance
software solutions for insurance business transformation, today
announced that it launched its previously announced rights offering.

Under the terms of the rights offering, Majesco will distribute to its
shareholders, at no charge, one non-transferable subscription right for
each share of common stock held or deemed to be held as of 5:00 p.m.
(Eastern Time) on February 5, 2019, the record date. Each subscription
right will entitle the holder to purchase one-sixth of a share of
Majesco’s common stock at a subscription price of $7.10 per whole share.
If all of the basic subscription rights are exercised, the total
purchase price of the shares offered in the rights offering will be
approximately $45,502,043.

The rights offering also includes an over-subscription right, which
entitles a shareholder who exercises its basic subscription rights in
full (other than those subscription rights to acquire less than one
whole share of common stock, which cannot be exercised) the right to
purchase, at the same subscription price of $7.10 per whole share, some
or all of the additional shares of common stock that remain unsubscribed
at the expiration of the rights offering, subject to availability and
pro rata allocation of shares among persons exercising this
oversubscription privilege.

Representatives of Majesco Limited, a public limited company domiciled
in India which currently owns 69.63% of Majesco’s issued and outstanding
common stock, have informed Majesco that it intends to exercise its
basic subscription rights.

The Company intends to use the net proceeds from the rights offering to
fund the remainder of its acquisition of Exaxe, pay off debt, and
accelerate cloud growth, which includes additional acquisition
opportunities.

The Company also announced that the mailing of offering materials to
shareholders is expected to begin by February 11, 2019, and that the
subscription period will expire at 5:00 p.m. (Eastern Time) on February
25, 2019. Majesco may, in its sole discretion, extend the expiration of
the offering period for shareholders for a period not to exceed 30 days.

The Company has filed a registration statement on Form S-1 (including a
prospectus) (File No. 333-228680; as amended, the “Registration
Statement”). Before investing, please read the prospectus included in
the Registration Statement, including any amendments thereto and any
information incorporated by reference therein, and other documents
Majesco has filed with the SEC for more complete information about
Majesco and the rights offering.

A copy of the prospectus forming a part of the registration statement
may be obtained free of charge at the website maintained by the SEC at
www.sec.gov
or by contacting the Information Agent, Broadridge Corporate Issuer
Solutions, Inc., by email at
[email protected]
or by telephone at 888-789-8409. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy, nor shall there
be any sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful before the registration or
qualification under the securities laws of any such jurisdiction. The
offering will be made only by means of a prospectus which is part of the
Registration Statement filed with the SEC.

About Majesco

Insurance business transformation is a journey of change and
revitalization, a renaissance of Insurance. Approximately 160 insurance
companies worldwide in P&C, L&A and Group/ Employee Benefits are
transforming their businesses with Majesco’s solutions. Our market
leading software, consulting and services uniquely underpin the entire
insurance value chain and are designed to empower insurers with the
agility, innovation and speed needed to meet their transformation
opportunities. Majesco’s solutions include policy management, new
business / underwriting, rating, billing, claims management,
distribution management, BI/ analytics, predictive modeling, digital
platform with mobile and portal, testing services, cloud services,
bureau and content services, transformation services, consulting
services and more. For more details on Majesco, please visit www.majesco.com.

Cautionary Language Concerning Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act. These forward-looking statements are made on the
basis of the current beliefs, expectations and assumptions of
management, are not guarantees of performance and are subject to
significant risks and uncertainty. These forward-looking statements
should, therefore, be considered in light of various important factors,
including those set forth in Majesco’s reports that it files from time
to time with the Securities and Exchange Commission and which you should
review, including those statements under “Item 1A – Risk Factors” in
Majesco’s Annual Report on Form 10-K and Majesco’s Registration
Statement on Form S-1.

Important factors that could cause actual results to differ materially
from those described in forward-looking statements contained in this
press release include, but are not limited to: integration risks;
changes in economic conditions, political conditions, trade protection
measures, licensing requirements and tax matters; technology development
risks; intellectual property rights risks; competition risks; additional
scrutiny and increased expenses as a result of being a public company;
the financial condition, financing requirements, prospects and cash flow
of Majesco; loss of strategic relationships; changes in laws or
regulations affecting the insurance industry in particular; restrictions
on immigration; the ability and cost of retaining and recruiting key
personnel; the ability to attract new clients and retain them and the
risk of loss of large customers; continued compliance with evolving
laws; customer data and cybersecurity risk; and Majesco’s ability to
raise capital to fund future growth.

These forward-looking statements should not be relied upon as
predictions of future events and Majesco cannot assure you that the
events or circumstances discussed or reflected in these statements will
be achieved or will occur. If such forward-looking statements prove to
be inaccurate, the inaccuracy may be material. You should not regard
these statements as a representation or warranty by Majesco or any other
person that we will achieve our objectives and plans in any specified
timeframe, or at all. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date of
this presentation. Majesco disclaims any obligation to publicly update
or release any revisions to these forward-looking statements, whether as
a result of new information, future events or otherwise, after the date
of this press release or to reflect the occurrence of unanticipated
events, except as required by law.

Contacts

Corporate
Ann Massey
SVP-Finance
(973) 461-5190
[email protected]

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