Majesco

The story begins not in a garage, but as a subsidiary. Majesco was established in 1992 as the American arm of the Indian IT services company Mastek, co-founded by Ketan Mehta. For years, it operated as a services company within the vast and slow-moving insurance industry. The mission was to provide software, IT services, and consulting for insurance carriers. A pivotal moment came in 2014 when Majesco demerged from its parent, Mastek, to consolidate all its international insurance business under a single brand. This move was designed to give the company more focus and operational flexibility, allowing it to pursue growth opportunities in the large North American insurance market. Following the demerger, Majesco listed on the NYSE, providing access to capital needed to fuel its ambition to transition from a services-based model to a product- and cloud-focused software company. The final chapter, for now, was written in 2020. Recognizing the company's successful shift toward cloud-based software solutions, private equity firm Thoma Bravo announced its intention to acquire Majesco. After an increased offer valuing the company at approximately $729 million, the acquisition was completed in September 2020. This took Majesco private, providing the resources and flexibility to accelerate its growth strategy away from the pressures of the public market.