SAN FRANCISCO and MORRISTOWN, N.J., Sept.
21, 2020 /PRNewswire/ -- Thoma Bravo, L.P. ("Thoma
Bravo" or the "Firm"), a leading private equity firm focused on the
software and technology-enabled services sectors, today announced
that it has completed the acquisition of Majesco (Nasdaq: MJCO), a
global leader of cloud insurance software solutions for insurance
business transformation. As previously announced on
August 8, 2020, under the terms of an
amended and restated definitive merger agreement, Thoma Bravo
agreed to acquire all of the issued and outstanding shares of
Majesco common stock for $16.00 per
share in cash.
In conjunction with the closing, Majesco's common stock will
cease trading before the market opens on Tuesday, September 22, 2020 and the Company will
no longer be listed on the Nasdaq stock exchange. Majesco will
operate as a privately-held company.
"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," said A.J. Rohde, a Partner at Thoma Bravo.
"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."
"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," said Adam Elster, Chief Executive Officer of Majesco.
"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."
Kirkland & Ellis LLP and Trilegal served as legal advisor to
Thoma Bravo. Nomura Securities International, Inc. served as
financial advisor to Majesco, and Sheppard, Mullin, Richter &
Hampton LLP and Khaitan & Co served as legal advisors to
Majesco and Majesco Limited, respectively.
About Thoma Bravo
Thoma Bravo is a leading private equity firm focused on the
software and technology-enabled services sectors. With a series of
funds representing more than $45
billion in capital commitments, Thoma Bravo partners with a
Company's management team to implement operating best practices,
invest in growth initiatives and make accretive acquisitions
intended to accelerate revenue and earnings, with the goal of
increasing the value of the business. The firm has offices in
San Francisco and Chicago. For more information, visit
www.thomabravo.com.
About Majesco
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® Engagement,
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.
Contacts
Thoma Bravo Media Contact
Megan Frank,
212-731-4778, mfrank@thomabravo.com
Majesco Media Contact
Laura
Tillotson, 201-230-0752, Laura.Tillotson@majesco.com
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SOURCE Thoma Bravo