Thoma Bravo made a big bet on Majesco, which provides software and services for property and casualty insurance providers and life and annuities companies, writes Milana Vinn on PE Hub today.
Insurance is transforming as traditional carriers slowly adapt new technologies, including by using AI and machine learning to provide clients with customizable software.
Covid-19 has also accelerated the industry’s digital transformation.
“Every insurance company that had a digital transformation roadmap provably had that roadmap over the seven- or ten-year cap. This cap is now two to three years because of covid,” Rohde said. “A lot of demand for what we had in the sales pipeline or was just being discussed – people are demo-ing now, or they are buying new features, or they are trying out a new business line.”
Read more here on PE Hub.
CC Capital and Motive Partners agreed to acquire Wilshire Associates, a big player in the institutional investor world with a robust private equity practice. Once the deal closes, Dennis Tito will step down as chief executive officer and chairman, and John Hindman will also step down as president and vice chairman. Jason Schwarz will continue to work as president and chief operating officer. Read it here.
Crosspoint Capital, formed by the ex-CEO of Symantec Corp, raised around $250 million so far for its debut fund. Crosspoint targets investment in cybersecurity, data privacy and infrastructure software, I write on Buyouts today. Check it out here on Buyouts.
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