Thoma Bravo's Behind the Deal How Majesco Brings the Speed of Private Equity to Transform the Insurance Business
Apr 20, 2023
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Insurance Is Deeply Undigitized
- Core insurance was highlighted as a top-quadrant example of an industry behind the digital curve.
- That lag makes it a prime target for technology-driven transformation and investment.
CEO Hired Without Insurance Experience
- Adam Elster joined Majesco to turn it into a cloud-first software company despite his initial unfamiliarity with insurance.
- He led a rapid shift from services to subscription cloud software and higher margins.
Remote Deal Born In Early COVID
- AJ Rodey called Adam during COVID and the two connected over Majesco's transformation prospects.
- They negotiated remotely and made an offer that put the company in play, eventually buying it at a premium.