Majesco and Thoma Bravo accelerated growth, product innovation, cloud adoption, partner reach, and market leadership in just 12 months

Morristown, New Jersey–(Business Information)–Majesco, a global leader in cloud insurance platform software for insurance business transformation, today announced an update of its business strategy acceleration and the company’s substantial growth last year since it was acquired by leading software investment company Thoma Bravo.

“This year was incredible in all aspects of the business and exceeded our expectations,” commented Adam Elster, CEO of Majesco.”The combined strength, knowledge and resources of the Thoma Bravo and Majesco team not only accelerate our growth strategy, but also enable it to meet the growing insurance market demand for all our solutions. The flexibility of being a private company allows us to accelerate innovation, drive growth opportunities, expand our delivery capabilities and strengthen our operations to keep Majesco, our customers and the industry one step ahead. The most exciting part is that we are redefining the future, and the best is yet to come. ”

In September 2020, Thoma Bravo acquired Majesco and plans to use its operating experience to enhance Majesco’s capabilities, and to promote and support the continued growth of Majesco’s business model and the transition to cloud software revenue.

Some of the key highlights achieved in the past year include:

• Business growth

  • Expanded the SaaS product portfolio through the acquisition of ClaimVantage and Utilant;

  • Dozens of new insurance customers for all Majesco products maintained considerable overall sales growth;

  • Stimulate the substantial growth of Xinleya and Group customers;

  • Stimulated substantial ARR growth exceeding the industry average and significant profit margin expansion, indicating that the top SaaS companies have seen exceptionally strong SaaS business results;

  • Accelerate the business transformation from a service company to a product company, with most of the revenue based on products; and

  • As Majesco shifts to a remote priority work model, expand its business transformation through the implementation of NetSuite, Salesforce, ServiceNow, and new colocation to achieve operational flexibility and enhanced customer support.

• Product Innovation

  • Launched Digital Customer360, a unified next-generation digital platform that can provide a comprehensive customer experience;

  • Launched Digital Underwriter360, an intelligent, insight-driven SaaS digital underwriter platform to transform business results;

  • Launched a new innovative data and analysis business, combining Utilant AI/ML technology and contribution database with Majesco’s existing, market-leading data and analysis;

  • Innovative and enhanced new versions of all Majesco products; and

  • Presided over a joint product committee for all products with record attendance, followed by a small product committee that united Utilant and Majesco P&C customers.

• Cloud adoption

  • Cloud sales account for 100% of new sales activities;

  • Signed an agreement to upgrade to Majesco CloudInsurer® for more than a dozen existing customers; and

  • Completed more than 33 customer cloud implementations, including cloud upgrades.

• Partner range

  • Expand the portfolio of strategic partners with Capgemini, Deloitte and IBM, including KPMG, PricewaterhouseCoopers, Ernst & Young and Microsoft;

  • Expand emerging partnerships with Infosys, Atos/Syntel, EXL, LTI, TCS and Value Momentum; and

  • More than 1,400 partner resources have been trained and deployed.

• Market leader

  • Work with recognized industry leaders to strengthen leadership in all core functions;

  • Recognized by leading industry analysts, including:

    • 2021 Gartner P&C Insurance Core Platform Magic Quadrant Leader, North America

    • Challenger [1] 2021 Gartner Magic Quadrant for Life Insurance Policy Management System, North America[2]

    • “Best in Class” Vendor in Aite Matrix: 2020 U.S. P&C Insurance Core System Evaluation Report

    • 2020 North American Policy Management System Personal, Commercial and Professional ABCD Supplier Report for Service Depth Xcelent Award

    • Leader of Forrester Insurance Agency Portals, analyst assessment for the third quarter of 2020

    • Occupy a leading position in Novvarica P&C PAS, L&A PAS and L&A Claims

    • Forrester Digital Platform: the post-provider of the Digital Insurance Platform (DIP); and

  • The Strategic Partner Summit was co-organized with more than 200 participants from 12 companies.

About Majesco

Majesco is a leading software partner in the P&C and L&A insurance market to modernize, optimize and innovate the business quickly and on a large scale. More than 330 insurance companies, from greenfields, start-ups and MGAs to the largest insurance companies, reinsurers and brokers, use Majesco’s next-generation SaaS platform solutions, including core, data and analysis, digital, distribution, absence management, and maturity Build the future of the insurance industry with Insurtech’s rich ecosystem market partners.

Our technology, expertise and leadership can help insurance companies innovate and establish connections to build the future of their business. With more than 825 successful implementations and more than 65% of cloud customers using Majesco platform solutions, we have an amazing record of innovation and actual results. For more detailed information about Majesco, please visit www.majesco.com.

[1] Gardner, “Magic Quadrant for North American Property and Casualty Insurance Core Platforms”, Sham Gill and James Ingham, September 14, 2021. In 2019, the title of this report is “Magic Quadrant for P&C Insurance Core Platform “North America”.

[2] Gardner, “Magic Quadrant for the North American Life Insurance Policy Management System,” Richard Natale, Rajesh Narayan, August 10, 2021.

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