Cloud insurance platform software developer Majesco has witnessed strong growth in the six months since it was acquired by Thoma Bravo.
Private equity firm Thoma Bravo acquired Majesco in September 2020, in a deal believed to be around $729m. The firm acquired the InsurTech with the aim to leverage its own operational experience to enhance the capabilities and growth of the platform.
Since that acquisition, Majesco claims it has made a lot of progress and reached new milestones. Some of its achievements include the release of Majesco P&C Core Suite, Majesco L&A Core Suite, Majesco Distribution Management and Majesco Digital1st Insurance, and the launch of its new Majesco L&A Insurance Data & Analytics Platform.
Over the past six months, the company has also expanded strategic partnerships with KPMG, PwC and Microsoft, grown its ecosystem with three new partners and completed eighteen customer implementations.
One of the InsurTech’s biggest moves was the acquisition of ClaimVantage, a claims software platform, which has helped extend Majesco’s product reach.
Thoma Bravo senior partner AJ Rohde said, “The focus on M&A with the acquisition of ClaimVantage three months in and with many in evaluation, will contribute to their accelerated growth.”
Majesco CEO Adam Elster said, “In just six short months, we’ve leveraged Thoma Bravo’s extensive resources and industry knowledge to accelerate our growth strategy, shift to cloud product revenue and expand our leadership position in the cloud insurance software sector.
“Each day that we work with industry leaders, customers and partners we receive confirmation that our strategy, direction and view of the future of insurance is aligned with the market. The flexibility of being a private company has allowed us to help the market accelerate their plans and shift to the future.”
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