Majesco, a A Morristown-based leader in cloud-native, AI-native software for the Property & Casualty (P&C) and Life & Annuity/Health (L&AH) insurance segments, announced on Friday that it has entered into an agreement to acquire Vitech, a leading provider of cloud-native pension and benefits administration software.
This acquisition is set to create the insurance industry’s premier technology partner for the Group & Benefits and Retirement & Pension markets, deeply integrating advanced AI-powered intelligent solutions.
The combined entity will significantly expand its footprint, serving more than 375 customers across the insurance and retirement sectors. This includes over 100 customers in the L&AH segment and over 275 in the P&C segment. Given that over 40% of insurers operate in both P&C and L&AH segments, the unified portfolio is expected to deliver greater value.
Adam Elster, CEO of Majesco, emphasized the strategic importance of the merger. “We’re 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,” said Elster.
The combined product portfolio will feature a breadth of L&AH market-leading solutions, including Majesco’s Intelligent Core and Intelligent Sales and Underwriting, alongside Vitech’s V3locity Core. Majesco’s proven AI leadership is expected to be integrated across all offerings, enhancing productivity, accelerating speed to market for new products, and ultimately reducing expense ratios.
The transaction is heavily supported by the firms’ respective private equity backers, demonstrating confidence in the combined entity’s growth potential.
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Majesco is a portfolio company of Thoma Bravo.
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Vitech is a portfolio company of CVC.
As part of the deal, CVC Funds will make a minority investment into Majesco, further committing to the combined company’s growth and innovation strategy.
Aaron Dupuis, Managing Partner at CVC, noted that the investment “signifies a strong confidence in Majesco’s potential and the business value of the combined entity to the insurance industry.”
The acquisition is aimed squarely at helping the P&C and L&AH segments address the dual challenge of rising operating costs and expense ratios in today’s increasingly competitive, AI-driven market.
