Majesco, a Morristown-based leader in cloud-native and AI-native insurance technology for the P&C and L&AH markets, announced the close of its previously announced acquisition of Vitech, a provider of cloud-native pension and benefits administration solutions.
The transaction expands Majesco’s leadership into the Group & Benefits and Pension & Retirement segments and strengthens its position as the category leader for next-generation core platforms.
“We are thrilled to officially welcome Vitech to Majesco,” said Adam Elster, CEO of Majesco. “This is a powerful moment for our customers as we significantly expand into new markets and add capabilities and expertise to drive innovation, growth and efficiency.
“We’re bringing unmatched AI-leadership and expertise across P&C, Group & Benefits and Pension & Retirement to support our customers and the market in the new era.”
The broader and more innovative portfolio of solutions helps Majesco customers lower expense ratios, streamline complex operations, accelerate product innovation and respond faster to evolving regulatory and customer demands.
“This marks an important milestone for both organizations,” said James Ousley, CEO of Vitech. “Our combined talent and solutions portfolio create a powerful foundation to improve efficiency, extend capabilities and prepare for a rapidly evolving market.
“We’re excited to join Majesco and about the unique possibilities it brings to our customer base.”
The completed acquisition marks the beginning of Majesco’s next phase of growth, focused on delivering industry-leading, AI-native innovation and strengthening the technology foundation for the P&C and L&AH insurance and Retirement & Pension markets to adapt, innovate and compete in an increasingly complex landscape.
Additionally, CVC Funds have completed a minority investment in Majesco as part of the transaction. The additional resources will support the ongoing expansion and innovation across Majesco’s AI-native product portfolio.
Kirkland & Ellis LLP served as legal advisor to Majesco and Thoma Bravo. White & Case LLP served as legal advisor to CVC Capital Partners. RBC Capital Markets acted as financial advisor to Vitech.
