Majesco has agreed to acquire Vitech, combining two insurance technology providers to create a larger platform serving the Group & Benefits, Retirement & Pension, Life & Annuity, and Property & Casualty markets.

The transaction is backed by Thoma Bravo, Majesco’s majority investor, while CVC, Vitech’s owner, will make a minority investment in Majesco as part of the deal.

The combined company will serve more than 375 customers, including over 100 in the Life & Annuity and Health (L&AH) market and more than 275 in the Property & Casualty (P&C) sector.

Expanding insurance technology capabilities

Majesco said the acquisition strengthens its position in the insurance technology market by combining its AI-enabled insurance platform with Vitech’s pension and benefits administration solutions.

The enlarged portfolio will include Majesco’s L&AH Intelligent Core, Identity and Access Management (IDAM), and Intelligent Sales and Underwriting solutions alongside Vitech’s V3locity Core, V3locity Campaign Management and digital portal technologies.

According to the company, the combined offering is intended to help insurers modernise operations, improve productivity and enhance customer experiences through greater use of artificial intelligence.

Majesco noted that more than 40% of insurers operate across both Property & Casualty and Life & Health markets, creating opportunities for organisations seeking technology platforms that support multiple business lines.

Leadership comments

Adam Elster, Chief Executive Officer of Majesco, said the acquisition expands the company’s capabilities across insurance and retirement markets.

“We’re bringing together the best technology solutions in the Group & Benefits and Retirement & Pension sectors, enabling our customers to accelerate growth, enhance operational efficiency, and deliver exceptional customer experiences.”

James Ousley, Chief Executive Officer of Vitech, said the combined business will be well positioned to support insurers’ growth objectives.

Investor support

The acquisition is supported by continued investment from Thoma Bravo, while CVC Funds will retain an interest in the combined company through a minority investment.

A.J. Rohde, Senior Partner at Thoma Bravo, said:

“This investment doubles down on our belief in Majesco’s ability to drive customer growth and success in the insurance and pension & retirement markets.”

Aaron Dupuis, Managing Partner at CVC, added:

“We’re confident in Majesco’s potential and the combined entity’s value to the insurance industry.”

Industry impact

Tom Scales, Principal Analyst at Celent, said the combination brings together complementary strengths across insurance and retirement technology.

“This is a big, positive step for the industry. Majesco’s AI advancements and Vitech’s pension & retirement expertise create a powerful combination that the market will benefit from.”

Majesco said the acquisition reinforces its strategy of delivering AI-enabled technology to insurers as they respond to increasing operational complexity, rising costs and evolving customer expectations.

The company has completed more than 1,000 implementations and serves more than 350 insurers, providing technology platforms that support digital transformation across the insurance sector.