Majesco Acquisition, Valuation, Funding & Investors

Majesco was acquired by Thoma Bravo for $729M in July 2020, a 5.0x multiple on $146M of revenue.

Majesco acquisition price

$729M

Acquired by Thoma Bravo · Jul 2020

Majesco revenue at acquisition

$146M

Last twelve months · Jul 2020

Majesco revenue multiple at acquisition

5.0x

EV/Revenue · Jul 2020

Majesco EBITDA multiple at acquisition

36.5x

EV/EBITDA · Jul 2020

Majesco Overview

About Majesco

Majesco is a Morristown, New Jersey-headquartered provider of SaaS insurance platforms covering policy administration, claims, billing, underwriting, and analytics. Its P&C and L&A solutions support digital distribution, AI-driven modeling, and cloud deployment for carriers in North America and globally, powering transformations at insurers like Mapfre and Liberty Mutual.


Founded

1982

HQ

United StatesMorristown, NJ

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Revenue

$146M (Jul 2020)

Valuation

$729M (acquired Jul 2020)

Majesco Acquisition

Majesco was acquired by Thoma Bravo for $729M on 20 July 2020.

The acquisition price implies a 5.0x revenue and 36.5x EBITDA multiple on $146M of revenue.

Majesco signed a definitive agreement on July 20, 2020 to be acquired by Thoma Bravo in a transaction valuing the cloud insurance software company at 594 million dollars. Shareholders of record were to receive 13.10 dollars in cash per share, a premium of about 74 percent over the average closing price in the 30 trading days to July 17, 2020. After closing, Majesco would operate as a privately held company. The merger required the approval of Majesco shareholders and of the shareholders of its parent company, Majesco Limited. Majesco, based in Morristown, New Jersey and listed on Nasdaq under the ticker MJCO, provides cloud insurance software for property and casualty and life and annuity insurers. CVC Capital Partners acquired it from Thoma Bravo in 2025.

Majesco acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
  • Thoma Bravo
20 Jul 2020PE buyout$729M5.0x36.5x

Sources: thomabravo.com, thomabravo.com

Majesco Funding History

Majesco has raised 1 funding round.

Majesco funding rounds
DateStageInvestorsDeal Summary
Nov 2025Strategic investmentCVC Capital PartnersCVC Capital Partners funds made a minority investment in Majesco, the Thoma Bravo-owned cloud and AI-native insurance software provider, announced on November 21, 2025 alongside Majesco's agreement to acquire Vitech Systems Group, a CVC portfolio company. The investment was completed with the Vitech acquisition in January 2026. The additional capital is intended to support the growth and innovation of the combined company's AI-native product portfolio. Terms were not disclosed. Thoma Bravo remained Majesco's controlling owner, so the transaction was not a buyout. Vitech provides cloud-native pension and benefits administration software for the Group and Benefits and Retirement and Pension segments, and its addition expands Majesco beyond property and casualty and life, annuity and health insurance software into these markets.

Who has invested in Majesco?

1 investor has backed Majesco across its funding rounds, including CVC Capital Partners.


Majesco Investors

Investors in Majesco by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by Majesco

Majesco has acquired 8 companies to date.

Last acquisition by Majesco was on November 21st 2025. Majesco acquired Vitech Systems Group for undisclosed valuation.


Latest Acquisitions by Majesco

Vitech Systems Group
Decision Research Corporation
Global IQX
Utilant
Description
Vitech Systems Group is a New York-headquartered provider of V3locity administration software for life insurance, annuities, and pensions. It processes policies for MetLife and Prudential with modules for group benefits and private equity funds. The cloud-based platform handles claims adjudication and regulatory reporting for over 50 carriers in the United States.
Decision Research Corporation is a software provider based in Omaha, Nebraska, specializing in policy administration systems for the property and casualty insurance sector since 1971. The company offers GameChanger, a web-based platform covering quoting, rating, billing, policy issuance, endorsements, and claims processing for insurers and managing general agents. Deployable on cloud or on-premise, GameChanger integrates with third-party systems for seamless operations. Decision Research Corporation serves mid-sized carriers and MGAs across the United States, drawing on decades of insurance workflow expertise to deliver modular components or full enterprise solutions.
Global IQX is a Toronto-headquartered SaaS provider of property and casualty insurance software deployed at 50 carriers across North America and Europe. Established in 1999, its web platform handles quoting, rating, and policy issuance for commercial lines, supporting ACORD standards and multi-carrier integrations. Clients include Wawanesa and Aviva, processing billions in premiums annually.
Utilant is an enterprise software provider delivering SaaS products for survey management in the insurance sector, including Loss Control and Premium Audit solutions. Its InsurTech suite, featuring the Loss Control 360 platform, analyzes vast survey data repositories to generate predictive risk insights for property and casualty carriers and risk engineering firms.
HQ CountryUnited StatesUnited StatesUnited StatesUnited States
HQ City
New York City, NY
Honolulu, HI
New York City, NY
Buffalo, NY
Deal Date21 Nov 20253 Jan 20243 Oct 202220 May 2021
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Investments by Majesco

Majesco has invested in 1 company to date.

Latest investment by Majesco was on October 31st 2021. Majesco invested in Integrow Asset Management in their $3M Strategic investment round.


Latest Investments by Majesco

Integrow Asset Management
Description
Integrow Asset Management is a Chicago-headquartered firm specializing in real estate asset management, overseeing investment strategies for multifamily, office, and retail properties nationwide.
HQ CountryIndia
HQ City
Mumbai
Deal Date31 Oct 2021
RoundStrategic investment
Raised$3M
Investors-
Valuation$7M
EV/Revenue
EV/EBITDA

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Majesco Competitors

Majesco competitors include listed companies like Phreesia and B-Soft Co., and private ones like Pearl Health, HealthVerity, Overjet and BrightInsight.

Public and private companies comparable to Majesco
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Pearl HealthUnited StatesNew York City, NYPrivate--$733M-
HealthVerityUnited StatesPhiladelphia, PAPrivate--$721M-
OverjetUnited StatesBoston, MAPrivate--$712M-
BrightInsightUnited StatesSan Francisco, CAPrivate--$750M-
PhreesiaUnited StatesUnited StatesPublicly listed$481M$27M$783M1.5x
B-Soft Co.ChinaChinaPublicly listed$158M($37M)$802M5.1x

Majesco Public Comps

Majesco is no longer listed, but its public comps include Donegal Group, REVO Insurance, AgeSA, Phreesia, Sagicor, NICO Holdings, FBD Holdings, Root Inc., Hangzhou Pinming Software and Tiptree.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Donegal Group$978M$102M0.8x0.8x7.3x-
REVO Insurance$466M$35M1.6x1.5x21.8x-
AgeSA$911M$165M0.8x-4.6x-
Phreesia$481M$27M1.6x1.5x28.5x6.4x
Sagicor$2.3B$420M0.3x0.3x1.9x-
NICO Holdings$870M$131M0.9x-6.1x-
FBD Holdings$519M$97M1.5x1.4x8.2x-
Root Inc.$1.5B$74M0.4x0.4x9.0x4.4x

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Common questions about Majesco

When was Majesco founded?Majesco was founded in 1982.
Where is Majesco headquartered?Majesco is headquartered in Morristown, NJ, United States.
Is Majesco publicly listed?No, Majesco was acquired by Thoma Bravo in July 2020.
Who acquired Majesco?Majesco was acquired by Thoma Bravo in July 2020.
How much was Majesco acquired for?Majesco was acquired for $729M in July 2020, a 5.0x revenue multiple.
What was Majesco's last funding round?Majesco's last funding round was a strategic investment round in November 2025.
Who are Majesco's investors?Majesco's investors include CVC Capital Partners.
Which companies are comparable to Majesco?Companies comparable to Majesco include Pearl Health, HealthVerity, Overjet, BrightInsight, Phreesia and B-Soft Co..
How many companies has Majesco acquired?Majesco has acquired 8 companies, including Vitech Systems Group, Decision Research Corporation, Global IQX, Utilant and ClaimVantage.
What was the largest acquisition by Majesco?The $29M acquisition of Cover-All Technologies in June 2015 is the largest acquisition Majesco has made to date.
How many companies has Majesco invested in?Majesco has invested in 1 company, including Integrow Asset Management.
What was Majesco's last investment?In October 2021, Majesco invested in Integrow Asset Management's $3M strategic investment round.

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