Thoma Bravo completes acquisition of Majesco

The transaction has been consummated on September 21 and Majesco has received the remittance confirmation for US$513.78 million as gross consideration for the divestment.

Sep 22, 2020 09:09 IST India Infoline News Service

Acquisition Concept
Thoma Bravo, L.P., a leading private equity firm focused on the software and technology-enabled services sectors, announced on Monday that it has completed the acquisition of Majesco, a global leader of cloud insurance software solutions for insurance business transformation.

In a press release from Thoma Bravo shared with exchanges by Majesco Limited it said “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.”

“We are pleased to inform you that the underlying transaction has been consummated on September 21, 2020 and the Company has received the remittance confirmation for US$ 513.78 million as gross consideration for the divestment,” Majesco said.

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,” Rohde added.

“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 benet 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.”

Majesco Ltd is currently trading at Rs783, up by Rs19.25 or 2.52% from its previous closing of Rs763.75 on the BSE.

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