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.
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.