Private equity firm Thoma Bravo has brokered a deal to acquire cloud insurance software firm Majesco in a deal valued at $594m.

Under the terms of the agreement, all Majesco shareholders will receive $13.10 in cash for each share they hold upon closing of the transaction.

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Following the closing of the transaction, Majesco will operate as a privately held company.

The company also expects to continue to operate under the leadership of CEO Adam Elster and its current leadership team.

Elster said: “We are extremely excited to partner with Thoma Bravo, a firm with an established track record of working with companies transitioning to the cloud. This transaction delivers significant cash value to our stockholders.

“Moreover, the added flexibility we will have as a private company, combined with the benefit of Thoma Bravo’s knowledge and domain expertise, can allow us to more effectively focus on our long-term investment and growth objectives, to the benefit of our employees, customers and partners.”

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The proposed merger is subject to the approval of Majesco shareholders and the approval of the shareholders of Majesco’s parent company, Majesco Limited.

Thoma Bravo vice-president Matt LoSardosaid: “We’ve followed the impressive Majesco journey for many years. Digital transformation demand continues to grow as insurers look to modernise, and with our partnership we plan to accelerate product investment to support the needs of the insurance industry.”

The transaction, which is subject regulatory approvals, is expected to be closed by the end of this year.

In April, Majesco completed the acquisition of InsPro Technologies, expanding its presence in the US life and annuity insurance market.

Last year, the company signed an alliance partnership agreement with IT major Capgemini for insurance business transformation.