Majesco will be taken off from the Nasdaq stock exchange and will operate as a privately-held company

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Thoma Bravo completes Majesco acquisition. (Credit: Tumisu from Pixabay)

Thoma Bravo has completed its previously announced $729m acquisition of US insurance technology company Majesco.

The private equity firm purchased 100% of the New Jersey-based insurtech company for $16 per share, as per an amended agreement signed in August 2020.

In conjunction with the completion of the deal, Majesco will be delisted from the Nasdaq stock exchange and will begin to operate as a privately-held company.

Thoma Bravo partner A.J. Rohde said: “We are pleased to complete our acquisition of Majesco and work closely with their talented team as we build upon Majesco’s position as a leading driver of digital transformation within the insurance industry.

“Majesco’s journey in helping insurance companies get to the cloud faster is impressive and we intend to leverage our own operational experience to enhance its capabilities and support the continued growth of the business.”

Originally, Thoma Bravo signed a deal in July 2020 to acquire the insurtech company for $594m or $13.1 per share. The consideration was increased by the private equity firm in response to an “unsolicited” acquisition offer received by the company from an unaffiliated third party.

Majesco CEO Adam Elster said: “We are very excited to have completed this transaction, which was a successful outcome not only for our shareholders, but also one that we expect will benefit our customers and partners, and provide new opportunities for our employees.

“With Thoma Bravo’s resources and industry knowledge, as well as the added flexibility of being a private company, we look forward to accelerating our growth strategy and expanding our leadership in the software solutions sector.”

How Majesco helps insurance companies across the world

Majesco is engaged in helping insurers to digitally transform their business through its technology, expertise, and leadership.

The insurtech company is said to have worked with more than 200 insurers across the world, who deal in property and casualty, group benefits, and life insurance and annuity. The company claims to have helped them in modernising, streamlining, or creating new business models through the integration of its solutions.

Earlier this month, KPMG, an audit, tax and advisory firm, entered into a partnership with the insurtech company to speed up insurance digital transformation. The partnership is expected to help insurers meet the needs of rapidly innovating their businesses to compete in a digital world and transition to a Connected Enterprise.