Thoma Bravo-backed Majesco acquires insurtech company ClaimVantage
Majesco, a provider of cloud insurance platform software, has acquired insurtech company ClaimVantage, for an undisclosed price.
Based in Portland, Maine, ClaimVantage offers enterprise claims software and also absence and accommodation management for the life and annuities (L&A) market segment.
The acquisition of ClaimVantage follows the closing of the $729 million acquisition of Majesco by Thoma Bravo in September 2020.
Adam Elster – CEO of Majesco said: “Our acquisition of ClaimVantage expands and complements our key strategic focus in the L&A market segment with both strategic and operational investments in the business and are reflected in the growing market recognition by industry analysts, new and expanding customers and broadening strategic partnerships.
“Together these enable us to partner with insurers to capture the market opportunities unfolding and accelerate their digital and business transformation and cloud journey.”
ClaimVantage is said to be among the leading enterprise claims management solutions providers for L&A and Group insurance market and a major player in absence, accommodation and integrated disability management (IDAM).
The company offers its enterprise claims solution with absence and accommodation management capabilities to meet the unique requirements for disability income products for more than 35 customers, which include insurers, third party administrators (TPAs), and large employers.
Leo Corcoran – CEO of ClaimVantage said: “Since inception, ClaimVantage has been committed to building state-of-the-art, cloud-based solutions designed to transform the Life and Health claims insurance space, as well as absence management.
“With Majesco’s market and cloud strength, SaaS expertise, financial strength and growing leadership in the L&A and Group market, we will be able to deliver even greater value to our customers. We are excited to be joining the Majesco team and look forward to accelerating the industry transformation together.”