Aiming for 12-14% operational growth over 3 years: Majesco

Majesco, insurance arm of the Mastek, was listed on the market on Wednesday. The company’s US subsidiary called Majesco US was listed on the New York Stock Exchange (NYSE) on June 29 this year. Majesco's shares opened at Rs 316, disappointing investors as the street was expecting an opening price around Rs 390-400.In an interview with CNBC-TV18, Ketan Mehta, Chief Executive Officer (CEO) of Majesco said the combined revenue of the two companies has been USD 106 million in FY15. The company is looking to double its size of business, he said adding that the aim is to grow earnings before income, tax, depreciation and amortization (EBITDA) from current 5 percent to 12 to 14 percent over three years.The company currently has 140 clients. In the quarter gone by, Majesco signed seven new deals of which three were with tier-I insurance companies. The company plans to invest 12-14 percent of its revenues on research & development (R&D), he said.The company is open to acquisition in the Indian and US market, Mehta said. Interview transcript to follow.