Thoma Bravo Completes Acquisition of Majesco

Thoma Bravo, L.P. ("Thoma Bravo" or the "Firm"), a leading private equity firm focused on the software and technology-enabled services sectors, today announced that it has completed the acquisition of Majesco (Nasdaq: MJCO), 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.

Shares of Majesco Ltd was last trading in BSE at Rs.763.75 as compared to the previous close of Rs. 756.4. The total number of shares traded during the day was 4884 in over 435 trades.

The stock hit an intraday high of Rs. 778 and intraday low of 755.6. The net turnover during the day was Rs. 3738296.

Source : Equity Bulls

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