Majesco has reached an agreement to acquire Vitech, a specialist in cloud-native software for pension and benefits administration.
Financial terms of the deal remain undisclosed.
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The acquisition is intended to enhance technology capabilities in Majesco’s Group & Benefits and Retirement & Pension units, expanding its presence in these market segments.
After combining operations, Majesco will serve more than 375 customers. This includes more than 100 customers in the life and annuities and health (L&AH) segment and over 275 across the property and casualty (P&C) segment.
The expanded product set will address the requirements of insurers working in both P&C and L&AH.
Currently, more than 40% of insurers are active in both sectors.
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By GlobalDataVitech CEO James Ousley said: “The united team will bring the talent, extensive knowledge, market experience and innovative solutions crucial for insurers’ profitable growth.”
Majesco is part of Thoma Bravo’s portfolio, while Vitech is backed by CVC, a private markets investment firm.
As part of this acquisition, CVC Funds will take a minority stake in Majesco to support the growth and further development of the combined business.
The integration will bring together established L&AH-focused products such as IDAM, L&AH Intelligent Core, Intelligent Sales and Underwriting, V3locity Core and Campaign Management, as well as digital portals.
These solutions target customer needs in the US, Canada and UK.
The joint offering aims to streamline operations, support faster launches of new products, improve productivity and allow adaptation to market and regulatory changes.
Majesco CEO Adam Elster said: “We are thrilled to bring together the pre-eminent technology solutions in the Group & Benefits and Retirement & Pension sectors, which will help the L&AH segment, and our customers fast-track their growth, operational efficiencies, innovation and customer excellence strategies.
“Together with our P&C intelligent solutions, we will strengthen our offering of cutting-edge, intelligent and market-leading solutions that redefine businesses for a new era of insurance.”
