MORRISTOWN, N.J.--(BUSINESS WIRE)--Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced its recent advancement and future plans following the acquisition by Thoma Bravo in September 2020.
Thoma Bravo, a leading private equity firm on the software and technology-enabled services sectors, purchased Majesco with plans to leverage its own operational experience to enhance Majesco’s capabilities and the continued growth and shift of Majesco’s business model to cloud software revenue.
“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,” says Adam Elster, CEO of Majesco. “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.”
Majesco has accomplished the following in the 6 months since the acquisition:
- Strengthened our leadership team with the addition of Joe Aho as CFO.
- Released V11 Release 2 of Majesco P&C Core Suite, Majesco L&A Core Suite, Majesco Distribution Management and Majesco Digital1st® Insurance.
- Launched the new Majesco L&A Insurance Data & Analytics Platform.
- Chosen by eight new insurance customers across all Majesco software products and currently have seven existing customers, signed agreements to upgrade and move them to Majesco CloudInsurer®.
- Completed eighteen customer implementations including three upgrades to Majesco CloudInsurer® from older versions.
- Acquired ClaimVantage, a global provider of enterprise claims software as well as absence and accommodation management for the L&A and group market segment. The investment strengthened Majesco’s L&A and Group strategy and expanded the customer base by thirty-five, including many blue chip group and benefits insurers.
- Expanded our strategic partner portfolio to include KPMG, PwC and Microsoft.
- Hosted a strategic partner summit with over 200 attendees from twelve different companies including Capgemini, Deloitte, IBM, KPMG, Microsoft, and PwC
- Increased investment in the strategic partner program including a series of joint initiatives to accelerate insurer’s digital transformation.
- Expanded our ecosystem with three partners and five new apps that provide innovative data and capabilities.
Recognized by industry analysts including:
- Leader in Gartner 2020 Magic Quadrant for P&C Core Platforms, North America
- Visionary in Gartner 2020 Magic Quadrant for Life Insurance Policy Administration Systems, North America
- “Best-In-Class” Vendor in the Aite Matrix: 2020 U.S. P&C Core Systems Evaluation Report
- XCelent Award for Depth of Service in the North American Policy Administration Systems 2020 Personal, Commercial and Specialty ABCD Vendor View Report
- Leader in Forrester Insurance Agency Portals, Q3 2020 Analyst Evaluation
“It has been an amazing six months with the Majesco team, and the level of execution focused on their strategy,” commented AJ Rohde, Senior Partner with Thoma Bravo. “We are more excited than ever about the growth trajectory of the company – from their innovative work in cloud insurance software platforms to their increased market leader strength in both the property/casualty and L&A and group market segments. The focus on M&A with the acquisition of ClaimVantage three months in and with many in evaluation, will contribute to their accelerated growth. We are thrilled with the leadership, execution and results which have exceeded our expectations.”
Majesco provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business – and the future of 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® LifePlus Solutions (AdminPlus, AdvicePlus, IllustratePlus, DistributionPlus); CloudInsurer® L&A and Group Core Suite (Policy, Billing, Claims); Digital1st® Insurance with Digital1st® eConnect, 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.