New brand underscores company’s accelerated growth strategy and success in 2021 as Rule of 40+ SaaS Company approaching $250M in total revenue and Product Revenues now exceeding 60%

Majesco, a global leader of cloud insurance platform software for insurance business transformation, announces a new brand identity that centers around Majesco’s next-gen technology and extensive industry experience that reimagines insurance for the betterment of all. In addition, Majesco announced exceptional company results for 2021 reflecting a successful accelerated growth strategy.

“Since the acquisition by Thoma Bravo in 2020 we have significantly accelerated our growth strategy, expanded product offerings and delivery capabilities, and strengthened our strategic partnerships,” says Adam Elster, CEO of Majesco. “While our business has transformed and kept pace with market changes, it became clear that the perception of our brand did not evolve at the same speed. This evolution of the Majesco brand combines the most comprehensive set of digital insurance products, expertise, and experience, as well as a deep understanding of our customer’s needs and goals.”

Like everything else in a digitally driven economy, risk itself is changing faster than it used to. Majesco understands this change and the expectations insurance professionals are up against. The new Majesco brand represents the organization’s significant growth and evolved offerings, but more importantly its understanding and commitment to enable change at the speed of risk. This marks the first phase of Majesco’s brand evolution with new materials planned for later this year including a rebuild of its website.

“We are thrilled with the level of execution from the Majesco team and are confident this new brand aligns with the direction of the company” says A.J. Rohde, Senior Partner at Thoma Bravo. “We’ve been excited about the growth potential of Majesco right from the start, and with the addition of the ClaimVantage and Utilant teams last year, we couldn’t be more confident in our investment. Their customer-centric strategy is clearly identified in the new brand and accelerated product roadmap. Complemented with strengthened partnerships, and continued focus on M&A, they are primed for a ground-breaking year.”

Financial highlights include:

• A Rule of 40+ SaaS Company approaching $250M in total revenue
• Significant 2021 revenue growth including 40% subscription and 28% product
• Expanded SaaS portfolio and customers with ClaimVantage and Utilant acquisitions
• Product Revenues now exceeding 60% of total revenue
• Successful cloud upgrades for three existing customers. Over 65% of customers are now in the cloud
• Added 24 new customers across P&C and L&AH segments
• 45 customer go-lives for both P&C and L&AH customers
• Processing $31B DWP for customers across our solutions

Customer highlights:

• With over 350 customers, Majesco now supports many of the leaders in different segments including:
  • The top 2 Reinsurers
  • 8 of the top 15 L&AH and Group Insurers
  • 8 of the top 15 P&C Insurers
  • Over 25 InsurTech Startups and Greenfields
  • Over 15 MGAs and Brokers
  • Over 10 TPAs for L&AH and Group
  • Over 20 of the top Risk Engineering firms

Organizational highlights:

• Welcomed 250 new employees across the organization
• Trained over 1,500 systems integrator partner staff with over 850 actives on Majesco projects
• Added new partnerships with Earnix, Cybercube, and Prima Solutions to support market trends for telematics, cyber and reinsurance
• Expanded systems integrator partnerships to 12 of the market-leading firms
• Established a Customer Success organization underpinned by the implementation of ServiceNow technology
• Expanded leadership with significant talent across the organization in all operational areas

Product innovations:

• Launched fourteen product releases across all solutions
• Launched the new Majesco Analytics solution portfolio inclusive of Property Intelligence solution using AI/ML and our contributory database of 200m photos / images and 16m loss control surveys
• Launched new next-gen digital solutions built on Majesco Digital1^st® Platform including:
  • Digital Underwriter360
  • Digital Customer360
• Launched ClaimVantage Customer Portal to support integrated disability and absence management service for employees and employers
• Expanded SaaS portfolio with ClaimVantage and Utilant acquisitions

Industry recognitions and awards:

• Expanded and strengthened market leadership across all solutions with industry recognition from Gartner, Celent, Forrester, Aite-Novarica, Quadrant Solutions, Everest Group, and ISG
• Named InsurTech 100 Company for 2022
• Recognized as a Salesforce Partner Innovation Award Winner

About Majesco

Majesco is the partner P&C and L&A insurers choose to create and deliver outstanding experiences for customers. We combine our technology and insurance experience to anticipate what’s next, without losing sight of what’s important now. Over 350 insurers, reinsurers, brokers, MGAs, and greenfields/startups rely on Majesco’s SaaS platform solutions of core, digital, data & analytics, distribution, and a rich ecosystem of partners to create their next now.

As an industry leader, we don’t believe in managing risk by avoiding change. We embrace change, even cause it, to get and stay ahead of risk. With 900+ successful implementations we are uniquely qualified to bridge the gap between a traditional insurance industry approach and a pure digital mindset. We give customers the confidence to decide, the products to perform, and the follow-through to execute.

For more information, please visit www.majesco.com and follow us on LinkedIn.

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