We maintain BUY with a TP of Rs 645 (upside of 28%) based on EV/rev multiple of 2.0x (~70% discount to Guidewire). Majesco delivered growth in 3QFY18 for the second consecutive quarter. Revenue grew 4.7% QoQ to USD 31.8mn vs est. of USD 32.0mn led by traction in cloud revenue and robust deal wins. Ramp-up in implementation revenue from the Metlife deal win from the IBM partnership is driving growth, (cloud revenue was up 5.7% QoQ, 31% of rev), and ~37% of the incremental revenue was from cloud.