Aurum PropTech Limited — Earnings Release 2020

May 29, 2020

Date: May 29, 2020

Listing Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Fort Mumbai – 400 001

BSE Script Code: 539289

Listing Department National Stock Exchange of India Limited Bandra Kurla Complex Bandra East Mumbai – 400 051

NSE Symbol: MAJESCO

Dear Sir/ Madam,

Sub: Press Release by Majesco (USA), Subsidiary Company of Majesco Limited

Please find enclosed herewith a press release dated May 28, 2020 issued by Majesco (USA), (“Majesco”) the Insurance arm and a subsidiary company of Majesco Limited, titled “Majesco Announces Strong Fourth Quarter Product Revenue and Full Year Fiscal 2020 Results”.

We are also enclosing herewith Investor presentation released by Majesco.

You are requested to take the same on record.

Thanking you.

Yours faithfully,

For Majesco Limited

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Varika Rastogi Company Secretary

Encl: As above

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CIN: L72300MH2013PLC244874

PRESS RELEASE

Majesco Announces Strong Fourth Quarter Product Revenue and Full Year Fiscal 2020 Results

Fourth quarter total revenue of $37.9M and Full year total revenue of $146.4M Fourth quarter Adjusted EBITDA of $5.1M and Full year Adjusted EBITDA of $18.0M Fourth quarter Net Income of $3.6M and Full year Net Income of $9.7M

Full Year product revenue of $61.8M up 33.2% year over year and represents 42.2% of revenue Full Year cloud subscription revenue of $22.1M up 34.8% year over year and represents 15.1% of revenue

Morristown, NJ – May 28, 2020 – Majesco (NASDAQ: MJCO), a global provider of cloud insurance platform software, today announced strong financial results for the fiscal 2020 fourth quarter and full year ended March 31, 2020.

“We are living in unique times; times none of us have experienced before, and our number one priority is to protect the health and safety of our employees, customers, partners and the communities in which we operate”, stated Adam Elster, Majesco’s CEO “We were an early adopter of the ‘work from home’ transition, and all Majesco’s global employees have been operating remotely since March 16[th] . We have successfully managed all customer expectations, while ensuring our business continuity, seamless focus and commitment to projects and services.”

“Fiscal 2020 was a record year for Majesco, demonstrating the success of our cloud product-based strategy. Companies of all sizes are turning to Majesco to partner with us on their digital transformation journey. I am more excited than ever about the opportunity ahead, the future of Majesco and the insurance industry. Our relentless focus on delivering innovation and customer success has fuelled our growth and solidified our leadership.”

“While it may be premature and difficult to predict the business impact due to the unprecedented environment caused by the COVID-19 crisis, we believe customers are likely to shift focus and investment, and move to cloud and digital experience platforms, automation, efficiency and modernization.”

“We remain confident in our strategy, committed to its execution and believe we have the right platform in place to handle the near-term challenges associated with COVID-19, while continuing to pursue long-term growth opportunities.”

Key Revenue Drivers:

• License, subscription, and maintenance revenue (product revenue) of $61.8 million, up 33.2% year over year, and constituted 42.2% of total revenue for fiscal 2020.

• Professional services revenue of $84.7 million, down 10.7% year over year.

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• Majesco’s 12-month order backlog on March 31, 2020 was $109.8 million, up 8.0% from $101.7 million on December 31, 2019 and up 13.3% from $96.9 million on March 31, 2019.

• We added 8 new clients organically for the year ended March 31, 2020.

Fourth Quarter 2020 Financial Results

• Revenue was $37.9 million, compared to $37.2 million for the same period last fiscal year. The 1.9% increase was driven by higher product revenue from existing accounts and new logos.

• Gross profit was $18.2 million (48.1% of revenue), compared to $18.0 million (48.5% of revenue) for the same period last fiscal year. Gross margins from growing product revenue was somewhat mitigated by inflationary impacts to the business, investments being made to scale the business and challenges in the international segment of the business.

• Research and development (R&D) expenses were $4.4 million (11.7% of revenue), compared to $5.0 million (13.5% of revenue) for the same period last fiscal year. Investments in R&D are focused on Majesco’s product roadmap to support next generation insurance solutions and digital offerings.

• Selling, general and administrative (SG&A) expenses were $10.6 million (28.0% of revenue), compared to $10.7 million (28.7% of revenue) for the same period last fiscal year.

• Adjusted EBITDA was $5.1 million (13.5% of revenue), compared to $4.4 million (11.9% of revenue) for the same period last fiscal year.

• Net income was $3.6 million or $0.08 per diluted share as compared to net income of $1.2 million or $0.03 per diluted share, for the same period last fiscal year.

Fiscal Year 2020 Financial Highlights

• Revenue for fiscal 2020 was $146.4 million, compared to $141.3 million last fiscal year. The 3.6% increase in revenue was driven by strong growth in product revenue, which increased 33.2% and offset the 10.7% decline in professional services revenue.

• Gross profit was $71.6 million (48.9% of revenue) for fiscal 2020, compared to $68.8 million (48.7% of revenue) last fiscal year.

• R&D expenses were $19.1 million (13.0% of revenue) for fiscal 2020, compared to $19.4 million (13.7% of revenue) last fiscal year.

• SG&A expenses were $42.3 million (28.9% of revenue) for fiscal 2020, compared to $39.7 million (28.1% of revenue) last fiscal year. The increase in SG&A was led by higher sales driven activities and additions to the leadership team.

• Adjusted EBITDA for fiscal 2020 was $18.0 million (12.3% of revenue), compared to $17.0 million (12% of revenue) last fiscal year.

• Net income for fiscal 2020 was $9.7 million or $0.21 per diluted share, compared to $6.7 million or $0.16 per diluted share last fiscal year.

EBITDA and Adjusted EBITDA are non-GAAP measures. Reconciliation tables of EBITDA and Adjusted EBITDA as used in this press release to GAAP are included in the financial section of this press release.

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Other Highlights

• Majesco had cash and cash equivalents of $51.4 million at March 31, 2020, compared to $39.4 million at March 31, 2019.

• Majesco had zero debt as of March 31, 2020, compared to $0.4 million at March 31, 2019.

• 5 successful Go-Lives during the fourth quarter of fiscal 2020 and 37 total go-lives for the full fiscal 2020.

• New deal wins, upgrades and expansions for the fourth quarter fiscal 2020 included:

• A tier 1 insurance carrier implementing Majesco Billing

• A global tier 1 insurance carrier selected Majesco for their core solution

• A longtime customer of Majesco expanded its scope with Majesco adding Digital 1[st] and upgrading to latest version transitioning to the cloud model

• A global tier 1 insurance company continued its expansion with Majesco’s core solutions to additional specialty lines of business

• A global tier 1 insurance company expanded its implementation of Majesco’s core solutions to additional countries and lines of business

• Cloud customer count stood at 65 at the end of fiscal 2020

• The Company announced the acquisition of Inspro Technologies, a Philadelphia based insurance software business. The transaction closed on April 1, 2020.

• Majesco was named a Leader by Gartner in the September 2019 Magic Quadrant for P&C Core Insurance Platforms, North America.*

• Majesco was positioned as a Visionary in the Gartner 2019 Magic Quadrant for Life Insurance Policy Administration Systems, North America.**

• Majesco’s P&C Core Suite was named the top “Best-in-Class” Vendor in the P&C Policy Administration Aite Matrix Report.

• Majesco’s L&A and Group Core Suite was named “Best-in-Class” Vendor in the Aite Life PAS AIM Report.

• Key Focus Areas for Majesco during the COVID-19 environment

• Prioritize development and operational efforts to support customers for their critical and immediate business and IT requirements, ensure speedy implementation, accelerate digital customer experiences, and expand adoption of cloud to provide business agility, scalability and cost efficiencies

• Cost and Cashflow Management – review of discretionary expenses and ensuring tighter management of working capital requirements.

• Accelerate partner led strategy to penetrate and deliver to new and existing Tier 1-2 accounts

• Integration of Inspro Technologies and expansion of the North America L&A strategy

• Re-evaluate the operating model and make necessary investments to support sustainable level of work from home environment post COVID-19

*Gartner “Magic Quadrant for P&C Core Insurance Platforms, North America,” Sham Gill, James Ingham, 10 September 2019.

**Gartner “Magic Quadrant for Life Insurance Policy Administration Systems, North America,” Richard Natale, 5 August 2019

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Conference Call and Webcast Information

Majesco management will conduct a live teleconference to discuss Majesco’s fiscal 2020 fourth quarter and full year financial results at 5:00 pm ET on Thursday, May 28, 2020. Anyone interested in participating should call 855-327-6837 if calling from the U.S., or 631-891-4304 if dialing internationally. A replay will be available until June 11, 2020, which can be accessed by dialing 844-512-2921 within the U.S. and 412-317-6671 if dialing internationally. Please use passcode: 10009421 to access the replay.

In addition, the call will be webcast and will be available on the Company’s website at www.majesco.com or by clicking here.

Use of Non-GAAP Financial Measures

In evaluating our business, we consider and use EBITDA as a supplemental measure of operating performance. We define EBITDA as earnings before interest, taxes, depreciation and amortization. We present EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties as a measure of financial performance. We define Adjusted EBITDA as EBITDA before stock-based compensation, a reversal of accrual for contingent liability and mergers and acquisitions expenses.

The terms EBITDA and Adjusted EBITDA are not defined under U.S. generally accepted accounting principles, or U.S. GAAP, and are not a measure of operating income, operating performance or liquidity presented in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA have limitations as an analytical tool, and when assessing Majesco’s operating performance, investors should not consider EBITDA or Adjusted EBITDA in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with U.S. GAAP. Among other things, EBITDA and Adjusted EBITDA do not reflect our actual cash expenditures. Other companies may calculate similar measures differently than Majesco, limiting their usefulness as comparative tools. We compensate for these limitations by relying on U.S. GAAP results and using EBITDA and Adjusted EBITDA only as supplemental.

Gartner Disclaimer

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About Majesco

Majesco (NASDAQ: MJCO) provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of

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insurance – at speed and scale. Our platforms connect people and businesses to insurance in ways that are innovative, hyper-relevant, compelling and personal. Over 200 insurance companies worldwide in P&C, L&A and Group Benefits are transforming their businesses by modernizing, optimizing or creating new business models with Majesco. Our market-leading solutions include CloudInsurer® P&C Core Suite (Policy, Billing, Claims); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® Engagement, Digital1st® EcoExchange and Digital1st® Platform – a cloud-native, microservices and open API platform; Distribution Management, Data and Analytics and an Enterprise Data Warehouse. 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 harbour” 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 (SEC) and which you should review, including those statements under “Item 1A – Risk Factors” in Majesco’s Annual Report on Form 10-K, as amended by Majesco’s Quarterly Report on Form 10-Q.

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: the adverse impact on economies around the world and our customers of the current COVID19 pandemic; our ability to achieve increased market penetration for our product and service offerings and obtain new customers; our ability to raise future capital as needed; the growth prospects of the property & casualty and life & annuity insurance industry; the strength and potential of our technology platform and our ability to innovate and anticipate future customer needs; our ability to compete successfully against other providers and products; data privacy and cyber security risks; technological disruptions; our ability to successfully integrate our acquisitions and identify new acquisitions; the risk of loss of customers or strategic relationships; the success of our research and development investments; changes in economic conditions, political conditions and trade protection measures; regulatory and tax law changes; immigration risks; our ability to obtain, use or successfully integrate thirdparty licensed technology; key personnel risks; and litigation risks.

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

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otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Majesco Contacts:

Media Contact

Majesco Laura Tillotson Director, Marketing Communications + 201 230 0752 Laura.Tillotson@majesco.com

Investor Contact

SM Berger & Co Andrew Berger +216 464 6400 andrew@smberger.com

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Majesco and Subsidiaries

Consolidated Statements of Operations (Audited)

(All amounts are in thousands of US Dollars except per share data and as stated otherwise)

	$	Three months ended March 31, 2020 37,911 $ 19,674 18,237 $ 4,429 $ 10,611 725 15,7565 $ 2,472 $ 125 (81) 1,473 647 4,636 $ 1,021 3,615 $ 0.08 $ 0.08 $ 43,250,530 45,087,888	Three months ended March 31, 2019 Twelve months ended March 31, 2020 Twelve months Ended March 31, 2019 37,190 $ 146,445 $ 141,307 19,140 74,804 72,480
Revenue
Cost of revenue
Grossprofit	$		18,050 $ 71,641 $ 68,827
Operating expenses
Research and development expenses	$
Selling, general and administrative expenses
Exceptional Item – M&A Expenses
Total operating expenses	$
Income/(Loss) from operations	$		2,371 $ 9,508 $ 9,283 72 616 104 (108 ) (350) (450) -- 2,832 835
Interest income
Interest expense
Gain on reversal of accrual contingent liability			-
Other income(expenses),net			(112) 1,225 441
Income /(Loss) before provision for income taxes	$		2,223 $ 13,831 $ 10,213 1,004 4,151 3,547
(Benefit)/Provision for income taxes
Net Income/(Loss)	$		1,219 $ 9,680 $ 6,666 0.03 $ 0.22 $ 0.17 0.03 $ 0.21 $ 0.16 42,912,982 43,056,910 39,209,999 44,875,925 45,258,965 41,273,605
Earnings (Loss) per share:
Basic	$
Diluted	$
Weighted average number of common shares outstanding
Basic		43,250,530
Diluted		45,087,888

See accompanying notes to the Consolidated Financial Statements.

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Majesco and Subsidiaries

Consolidated Balance Sheets (Audited)

(All amounts are in thousands of U.S. Dollars except per share data and as stated otherwise)

ASSETS CURRENT ASSETS Cash and cash equivalents ..................................................................................... Short term investments .......................................................................................... Restricted cash ....................................................................................................... Accounts receivables, net ...................................................................................... Unbilled accounts receivable ................................................................................. Prepaid expenses and other current assets ............................................................. Total current assets.................................................................................................. Property and equipment, net .................................................................................. Operating lease right-of-use asset, net Intangible assets, net .............................................................................................. Deferred income tax assets .................................................................................... Unbilled accounts receivable Other assets ........................................................................................................... Goodwill ................................................................................................................ Total Assets............................................................................................................... LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Software hire purchase obligation ......................................................................... Short term debt ....................................................................................................... Current maturities of long-term borrowings……………………………………………………... Accounts payable ................................................................................................... Operating lease right-of-use liability Accrued expenses and other liabilities .................................................................. Deferred revenue .................................................................................................... Total current liabilities............................................................................................ Long term debt ....................................................................................................... Vehicle loan Operating lease right-of-use liability, net of current portion Other....................................................................................................................... Total Liabilities......................................................................................................... STOCKHOLDERS’ EQUITY Preferred stock, par value $0.002 per share – 50,000,000 shares authorized as of March 31, 2020 and March 31, 2019, and no shares issued and outstanding as of March 31, 2020 and March 31, 2019 ................................................................ Common stock, par value $0.002 per share – 450,000,000 shares authorized as of October 31, 2018 and March 31, 2018; 42,846,273 shares issued and outstanding as of March 31, 2019 and 43,285,428 as of March 31, 2020 ............ Additional paid-in capital Accumulated deficit.................................................................................................... Accumulated other comprehensive income .............................................................. Non-Controlling Interest………………………………………………………………………………… …….. Total equity of common stockholder.......................................................................... TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY..................................	March 31, 2020 $ 35,240 16,173 39 26,156 16,118 7,266 100,992 2,132 2,977 9,531 8,162 847 1,745 32,981 $ 159,367 -- 25 - 4,159 1,428 22,599 20,553 48,764 - 68 1,580 2,342 $ 52,754 -- $ 87 126,643 (16,385) (3,732) -- 106,613 $ 159,367	March 31, 2019 $ 11,329 28,108 43 16,933 17,916 15,171 89,501 2,787 -- 12,937 7,637 543 489 34,145 $ 148,040 -- 442 -- 2,220 -- 30,962 10,988 44,612 -- 109 -- 4,041 $ 48,762 -- $ 86 122,163 (23,792) (412) 1,233 99,278 $ 148,040

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Majesco and Subsidiaries Reconciliation of U.S. GAAP Net Income to EBITDA and Adjusted EBITDA (Audited)

	Three Months Ended March 31,	Three Months Ended March 31,	Twelve Months Ended March 31, 2020 2019 9,680 $ 6,665 4,151 3,547 4,846 4,347 350 450	Twelve Months Ended March 31, 2020 2019 9,680 $ 6,665 4,151 3,547 4,846 4,347 350 450
**(U.S. dollars; in thousands): **	2020	2019	2020
Net Income (Loss)	$ 3,615	$ 1,218	9,680
Add:
Provision (benefit) for income taxes	1,021	1,004	4,151
Depreciation and amortization	1,203	1,272	4,846
Interest expense	81	108	350
Less:
				- -
Interest income	(125)	(72)	(616)	(104) (441) $ 14,464 444 2,944 (835) $ 17,017 141,307 12.0%
Other income(expenses),net	(647)	112	(1,225)
EBITDA	$ 5,148	$ 3,642	$ 17,186
Add:
Exceptional Items – M&A Costs	725	2	725
Stock based compensation	714	766	2,884
Reversal of accrual for contingent liability	(1,473)	--	(2,832)
Adjusted EBITDA	$ 5,114	$ 4,410	$ 17,963
Revenue	37,911	37,190	146,445
Adjusted EBITDA as a % of Revenue	13.49%	11.86%	12.27%

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The Future of Insurance Starts Here

Forward Looking Statement Disclosures

This presentation 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, as amended by its Quarterly Reports on Form 10-Q.

Important factors that could cause actual results to differ materially from those described in forward-looking statements contained in this presentation include, but are not limited to: the adverse impact on economies around the world and our customers of the current COVID-19 pandemic; our ability to achieve increased market penetration for our product and service offerings and obtain new customers; our ability to raise future capital as needed; the growth prospects of the property & casualty and life & annuity insurance industry; the strength and potential of our technology platform and our ability to innovate and anticipate future customer needs; our ability to compete successfully against other providers and products; data privacy and cyber security risks; technological disruptions; our ability to successfully integrate our acquisitions and identify new acquisitions; the risk of loss of customers or strategic relationships; the success of our research and development investments; changes in economic conditions, political conditions and trade protection measures; regulatory and tax law changes; immigration risks; our ability to obtain, use or successfully integrate third-party licensed technology; key personnel risks; and litigation risks.

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 presentation or to reflect the occurrence of unanticipated events, except as required by law. 2

Market Overview

Insurance is a trillion dollar market that’s ripe for disruption.

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Total Market
$5.2
Trillion
Annual Premium
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$147
Billion
Spent on IT
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Source: Swiss Re Institute: Sigma Nov 3, 2019

© 2020 Majesco. All rights reserved. NASDAQ: MJCO

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The Digital Transformation is Here

Demand is growing as insurers look to modernize and optimize their existing business by replacing legacy systems, migrating to the cloud and engaging their customers and channels more effectively. As insurers look to create new business to meet the demands of today’s next-generation customers, they are working to introduce new products and services and capture unserved or under-served markets.

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© 2020 Majesco. All rights reserved. NASDAQ: MJCO
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The Majesco Solution

Majesco’s cloud-based solutions are designed to help insurers modernize, innovate and connect to build the future of their business at speed and scale. Our technology helps P&C, L&A and Group insurance businesses execute their digital transformation strategies and meet the demands of today’s tech savvy customer.

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© 2020 Majesco. All rights reserved. NASDAQ: MJCO

Market Opportunity

Only 12.5% of ALL insurance systems are in the cloud

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Of the 25% that
75% of all 25% of all are modern,
insurance systems insurance systems only 50% are in
are legacy are modern the cloud
100% 50%
1,200 5 3 18,000
X X
Number of insurance Average number of Number of separate systems Number of potential systems in
companies in North product line segments for Policy, Billing and Claims [=] use in North America
America for P&C and L&A
Source: Myth Busters: "Insurance Systems - Are They Like Rubik's Cubes?" 6 © 2020 Majesco. All rights reserved. NASDAQ: MJCO
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Majesco’s Journey
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Acquired Agile
MASTEK Technologies Acquired Exaxe Acquired InsPro
Acquired STG
Technologies
founded US-based insurance Europe-based cloud
US-based provider strategic consulting solutions for A US-based software
Enterprise of enterprise
services individual life, leader in the life and
Technology solutions for P&C
pensions and wealth annuity insurance
Services insurance
management market
1992 2013 2015 2019
1982 2008 2014 2018 2020
Majesco Acquired SEG Merged with Shifted listing from NYSE to
Cover-All NASDAQ
MASTEK US-based policy
formed administration A core P&C Named a leader in the
software for product & service
Insurance focused individual and provider Gartner Magic Quadrant
product and group life health for P&C Core Platforms, North
services and annuity America
insurance
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© 2020 Majesco. All rights reserved. NASDAQ: MJCO

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Chief Executive Officer Adam Elster Our Leadership Team
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Melissa Blankenbaker Denise Garth Lauren Holmes Prateek Kumar Wayne Locke
Chief HR Officer SVP, Marketing & Innovation Chief Information Officer EVP, Americas Chief Financial Officer
Jim Miller Edward Ossie Mallinath Sengupta Manish Shah Lori Stanley
Chief Revenue Officer Chief Operating Officer EVP, Global Services President & Chief General Counsel
and Support Chief Product Officer
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© 2020 Majesco. All rights reserved. NASDAQ: MJCO

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What We Deliver

Majesco is a global leader of cloud-based solutions that enable all P&C, L&A, and Group insurance businesses to meet the demands of today’s digital customer.

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© 2020 Majesco. All rights reserved. NASDAQ: MJCO

Who We Serve

Whether it’s an insurer creating a new startup or greenfield, modernizing a legacy business, or optimizing existing operations, Majesco’s solutions can help pave their path to the future.

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© 2020 Majesco. All rights reserved. NASDAQ: MJCO
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Market Differentiation
CLOUD-NATIVE SOLUTIONS
Innovative capabilities built to rapidly launch new cloud solutions
SPEED
Speed to implementation, speed to market, speed to value
NEXT-GEN DIGITAL PLATFORM
Modern cloud, API and microservices based digital platform
PRICE
Lower cost of entry and a cost model aligned to new business growth
EXPERTISE
Technical industry expertise and leadership
CUSTOMER FOCUSED
Solutions built to retain and grow with customers’ digital expectations
DIVERSIFIED BUSINESS MODEL
Leader across P&C and L&A markets
11 © 2020 Majesco. All rights reserved. NASDAQ: MJCO
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Blended Approach for Strategic Growth

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ORGANIC GROWTH
P&C Solutions
Expand existing customer base
through cross-sell. Grow existing
customer base through new lines of
business and direct written premium.
Sell to new customers.
L&A and Group Solutions
Focus on new customers in Group
and Voluntary Benefits segment and
on new individual life customers.
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STRATEGIC PARTNERSHIPS
Partnering with the best in the
industry to reach new markets
and help customers shape the
future of their business.
Capgemini Deloitte Ernst & Young
IBM KPMG Microsoft PwC
© 2020 Majesco. All rights reserved. NASDAQ: MJCO
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MERGERS & ACQUISITIONS
Focus on new
opportunities to accelerate
innovation, geographic
expansion, customer
acquisition and market share.
Majesco recently acquired
InsPro Technologies, a leader
in the life and annuity
insurance market.
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Recognized by Gartner for P&C and L&A Insurance Platforms Recognized by Gartner for P&C and L&A Insurance Platforms
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2019 Gartner Magic Quadrant for Life Insurance Policy Administration Systems, North America

2019 Gartner Magic Quadrant for P&C Core Insurance Platforms, North America 13

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• © 2020 Majesco. All rights reserved. NASDAQ: MJCO

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Named Best-In-Class Vendor by Aite for P&C and L&A Core Systems Recognized by Gartner for P&C and L&A Insurance Platforms
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2019 US P&C Core Systems Evaluation: Moving Beyond the Basics

2019 US Life PAS Vendor Third Party Data Integration Capabilities

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© 2020 Majesco. All rights reserved. NASDAQ: MJCO© 2020 Majesco. All rights reserved.

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Recognized by Gartner for P&C and L&A Insurance Platforms Industry Analyst Rankings
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2020 Celent NA Group/Voluntary Administration Systems

2020 Novarica Property/Casualty Policy Administration Systems

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Strategic Partnerships
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Majesco is partnering with the best in the industry to reach new markets and support our customers as they shape the future of their business.

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Majesco and Capgemini are
working together to bring insurance
innovation and digital capabilities to
the implementations of Majesco’s
L&A and Group Core Suite in order
to help insurers achieve speed to
value.
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EY provides insurance companies
with a customized approach to core
insurance systems transformations.
Its consulting and implementation
offerings align well with Majesco’s
core systems for P&C and L&A.
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speed to market for new products..

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Majesco and IBM launched an
industry-first insurance platform for
P&C and L&A and Group Benefits
which brings a differentiating
advantage, cloud-based eco-
system, speed to market, and lower
total cost of ownership to insurers.
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KPMG’s dedicated insurance
operations and technology practice
provides digital transformation, and
end-to-end technology, operations,
and business process improvement
related aspects of core systems
implementation.
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Majesco’s Cloud solutions run on
Microsoft Azure, and provide
scalable, secure cloud-based
core systems for insurance
carriers. Majesco CloudInsurer
on Azure has opened the door to
increased speed to market for
insurance carriers.
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Majesco and PwC are working with
insurers to deliver core systems led
business transformation. The
implementation offerings align well
with Majesco’s P&C and L&A systems
and Distribution Management
offering.
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© 2020 Majesco. All rights reserved. NASDAQ: MJCO

16

17

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18

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© 2020 Majesco. All rights reserved. NASDAQ: MJCO

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Majesco Acquires InsPro Technologies

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InsPro Technologies is a leader in the life and
annuity insurance market
Headquartered near Philadelphia, PA, with a team
of over 50 dedicated employees
Offers a highly flexible policy administration
software suite that supports back office processing
needs in a single solution
Accelerates time to market for new product
launches, serves policyholders, members, and
agents more efficiently, and administers a wide
spectrum of insurance products
Processes over 15 million policies for some of the
leading insurance carriers and third party
administrators in the United States
The transaction closed April 1, 2020
© 2020 Majesco. All rights reserved. NASDAQ: MJCO
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History of Product Innovation
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2016 2017 2018 2019 2020 Released Released Released Digital1[st] ® Released Version 11 Continue to expand CloudInsurer®, Insurance, 100% of P&C Core Suite, P&C and L&A Core Enterprise Data 100% cloud-based Warehouse cloud, API and L&A and Group Core Suite, Digital 1[st] ® P&C Core Suite microservices-based Suite and Majesco and Data and products and L&A and platform for nextDistribution Platform Distribution Group Core Suite Released v10 P&C generation insurance Management Core Suite and products with cloud, Released L&A and Group digital and modern Distribution Core Suite capabilities Management

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20

© 2020 Majesco. All rights reserved. NASDAQ: MJCO

Financial Summary Fiscal Year Ends March 31

REVENUE	REVENUE
PRODUCT REVENUE	$46.4M $61.8M
CLOUD SUBSCRIPTION	$16.4M $22.1M
GROSS PROFITS	$68.8M $71.6M
ADJUSTED EBITDA	$17.0M $18.0M
NET INCOME	$6.7M $9.7M
12 MONTH ORDER BACKLOG	$109.8M $96.9M
NET CASH/ (DEBT) POSITION NET CASH POSITION	$39.4M $51.4M

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Evolution of Majesco SaaS Offering
$59.0M
PUBLIC CLOUD NATIVE Total from cloud based customers
for the full year FY20 ending March
31, 2020.
PUBLIC CLOUD
PRIVATE CLOUD
$22.1M
Cloud subscription revenue for the
full year FY20 ending March 31,
ASP / HOSTING 2020.
PERFORMANCE
© 2020 Majesco. All rights reserved.
21
SCALABILITY
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Product revenue includes
license, subscription &
maintenance
Product revenue for FY 2020
was 42.2% of total revenue
compared to 32.8% in FY 2019
Product revenue up 84.7% in
two years from $33.4M to
$61.8M
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Product Revenue Up 85% Recurring Revenue Growth | Year Over Year (Millions)

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61.8
46.4
33.4
FY2018 FY2019 FY2020
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Cloud subscription revenue of
$22.1M in FY 2020 increased
99.0% from $11.1M in 2018
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Cloud Subscription Revenue Doubles Cloud Revenue Growth | Year Over Year (Millions)

22.1 16.4 11.1 FY2018 FY2019 FY2020

11.1

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Adjusted EBITDA has increased
dramatically with product
revenue now 42.2% of total
revenue versus 24.0% in FY17.
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Growth in Adjusted EBITDA Over 3 Years Adjusted EBITDA ($ Mn and % to revenue)

12.3%

18.0

5.0% 6.1 FY2017

FY2020

Note: The terms EBITDA and Adjusted EBITDA are not defined under U.S. generally accepted accounting principles (U.S. GAAP), and are not a measure of operating income, operating performance or liquidity presented in accordance with U.S. GAAP. Reconciliation of Adjusted EBITDA to Net Income is provided in the Appendix (slide 30).

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© 2020 Majesco. All rights reserved.

25

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•
Execute a multi-year growth strategy with a
blend of organic, partnership, and M&A focus
•
Continue to be “the” premier provider of
modern technology solutions to support the
core needs of the insurance industry
•
Leverage insurance expertise and innovative
technology solutions to meet the demands of
today’s next-generation customer
•
Continue to transform from a service business
to an end-to-end cloud company positioned to
go after market opportunities
© 2020 Majesco. All rights res© 2020 Maj e sco. All rights reserved.rved. NASDAQ: MJCO 26
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Strategic Vision Majesco’s New Reality

Together We’re Transforming the Future of Insurance

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27

NASDAQ: MJCO

Join Us on Our Journey!

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Appendix

29

Reconciliation of Adjusted EBITDA to Net Income

		FY17	FY19	FY20
	Net Income	$(0.9)M	$6.7M	$9.7M
	Add: Provision for Tax	$0.1M	$3.5M	$4.2M
	Add: Depreciation & Amortization	$4.7M	$4.3M	$4.8M
	Add: Interest Expenses	$0.6M	$0.5M	$0.4M
	Less: Interest Income	$(0.0)M	$(0.1)M	$(0.6)M
	Less: Other (Income) / expenses net	$(0.0)M	$(0.4)M	$(1.3)M
	EBITDA	$4.5M	$14.5M	$17.2M
	Add: Exceptional Items: M&A Costs	$0.0M	$0.4M	$0.7M
	Add: Stock Based Compensation	$1.6M	$2.9M	$2.9M
	Less: Reversal of accrual for contingent
	liability	$0.0M	$(0.8)M	$(2.8)M
	NET CASH/ (DEBT) POSITION NET CASH POSITION Adjusted EBITDA	$6.1M	$17.0M	$18.0M
	Note: The terms EBITDA and Adjusted EBITDA are not defined under U.S. generally accepted accounting principles (U.S. GAAP),
30	and are not a measure of operating income, operating performance or liquidity presented in accordance with U.S. GAAP.		© 2020 Majesco. All rights reserved.