Thoma Bravo, a private equity firm focused on the software and technology-enabled services sectors, announced that it has completed the acquisition of Majesco, 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.
–AN
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.