MORRISTOWN, N.J.--(BUSINESS WIRE)--Majesco, a global leader of cloud insurance platform software for insurance business transformation, today announced an update on its business strategy acceleration and the company’s massive growth over the last year since its acquisition by Thoma Bravo, a leading software investment firm.
“This year has been incredible on all fronts of the business, exceeding our expectations,” commented Adam Elster, CEO at Majesco. “The combined strength, knowledge and resources of the Thoma Bravo and Majesco teams has not just accelerated our growth strategy but put it on steroids to meet the intensifying insurance market demand across all our solutions. The flexibility of being a private company has allowed us to accelerate innovation, drive growth opportunities, expand our delivery capabilities and strengthen our operations to keep Majesco, our customers and the industry a 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 purchased Majesco with plans to leverage its operational experience to enhance Majesco’s capabilities, and facilitate and support the continued growth and shift of Majesco’s business model to cloud software revenue.
Some key highlights accomplished over this past year include:
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Business Growth
- Expanded SaaS product portfolio with ClaimVantage & Utilant acquisitions;
- Maintained substantial overall sales growth with dozens of new insurance customers across all Majesco products;
- Spurred massive growth in new L&A and Group customers;
- Spurred large ARR growth that exceeds industry averages, along with significant margin expansion demonstrating exceptionally strong SaaS business results seen in top tier SaaS companies;
- Accelerated business transformation from a service to product company, with a majority of revenue being product based; and
- Extended business transformation with implementation of NetSuite, Salesforce, ServiceNow, and new co-locations that enabled operational resiliency and enhanced customer support as Majesco shifted to a remote first work model.
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Product Innovation
- Launched Digital Customer360, a unified next-generation digital platform that provides a holistic customer experience;
- Launched Digital Underwriter360, an intelligent, insight-driven SaaS digital underwriting platform to transform business outcomes;
- Launched new innovative Data & Analytics business combining Utilant AI/ML technology and contributory database with Majesco’s existing, market-leading data and analytics;
- New releases with innovative enhancements for all Majesco products; and
- Hosted joint product council across all products with record attendance followed by a mini product council with joint Utilant and Majesco P&C customers.
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Cloud Adoption
- Cloud sales comprised 100% of new sales activity;
- Signed agreements for over a dozen existing customers to upgrade to Majesco CloudInsurer®; and
- Completed over 33 customer cloud implementations including cloud upgrades.
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Partner Reach
- Expanded strategic partner portfolio with Capgemini, Deloitte, and IBM to include KPMG, PwC, E&Y and Microsoft;
- Expanded emerging partner relationships with Infosys, Atos/Syntel, EXL, LTI, TCS and Value Momentum; and
- Trained and deployed more than 1,400 partner resources.
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Market Leadership
- Strengthened leadership across all core functions with recognized industry leaders;
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Recognized by leading industry analysts including:
- Leader in 2021 Gartner Magic Quadrant for P&C Core Platforms, NA
- Challenger [1] in 2021 Gartner Magic Quadrant for Life Insurance Policy Admin Systems, NA[2]
- “Best in Class” vendor in the Aite Matrix: 2020 US P&C Core Systems Evaluation Report
- Xcelent Award for Depth of Service in the 2020 NA Policy Admin Systems Personal, Commercial and Specialty ABCD Vendor Report
- Leader in Forrester Insurance Agency Portals, Q3 2020 Analyst Evaluation
- Dominant Player in Novarica P&C PAS, L&A PAS and L&A Claims
- Forrester Digital Platform: Late-Stage Provider of Digital Insurance Platforms (DIP); and
- Hosted strategic partner summit with 200+ attendees from 12 companies.
About Majesco
Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale. Over 330 insurers, from greenfields, start-ups and MGAs to the largest insurers, reinsurers and brokers use Majesco’s next generation SaaS platform solutions of core, data, and analytics, digital, distribution, absence management and a rich ecosystem marketplace of established and InsurTech partners to build the future of insurance.
Our technology, expertise and leadership help insurers innovate and connect to build the future of their business. With over 825 successful implementations and over 65% of our customers on Cloud with Majesco platform solutions, together we have an amazing track record of innovation and real-world results. For more details on Majesco, please visit www.majesco.com.
[1] Gartner, “Magic Quadrant for P&C Core Platforms, North America”, Sham Gill and James Ingham, September 14, 2021. In 2019, this report was titled “Magic Quadrant for P&C Insurance Core Platforms”, North America”.
[2] Gartner, “Magic Quadrant for Life Insurance Policy Administration Systems, North America,” Richard Natale, Rajesh Narayan, August 10, 2021.
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