Deal Closed | Majesco Limited | Proposed Sale/ Transfer of Entire Stake to Affiliates of Thoma Bravo L.P.

Global cloud insurance software solutions provider Majesco has signed an amended agreement to be acquired by Thoma Bravo, a private equity firm focused on the software and technology-enabled services sector.

The details of the deal are as under:

Sector: Insurance

Announcement Date: 08-Aug-2020

Completion Date: 30-Sep-2020

Name of Client: Majesco Limited

Name of Acquirer: Thoma Bravo | USA 

Name and Description of Seller: Majesco Limited | India 

Majesco Limited, together with its subsidiaries, provides cloud-based software solutions for the insurance industry in North America, Europe, and internationally. The company offers Property & Casualty Core Suite that provides core system capabilities, including policy, billing, and claims for property and casualty personal, commercial, workers’ compensation, and speciality insurance; and L&A and Group Core Suite insurance software for individual, group, and voluntary benefits insurance.

Deal Description: Khaitan & Co advised and assisted Majesco Limited on India law aspects in connection with the proposed sale/ transfer of its entire stake in offshore material subsidiary i.e., Majesco, a company listed on NASDAQ Stock Market,  to affiliates of Thoma Bravo L.P. namely, Magic Intermediate LLC and its wholly-owned subsidiary Magic Merger Sub Inc., pursuant to a merger between Majesco and Magic Merger Sub, Inc.

Total Consideration: USD 729 million

Team Members: The core team consisted of Sudhir Bassi (Executive Director), Abhishek Dadoo (Partner), Soumya Mohapatra (Counsel) and Gaurav Malhotra (Senior Associate) with assistance from the following:

Company Law aspects: Sharad Abhyankar (Partner);

RBI Regulatory aspects: Moin Ladha (Partner) and Charu Singh (Associate);

Direct Tax aspects:  Vinita Krishnan (Director), Shabnam Shaikh (Partner), Rahul Jain (Principal Associate) and Avin Jain (Associate);

Employment aspects: Anshul Prakash (Partner), Deeksha Malik (Associate) and Abhishek Choudhury (Associate);

Competition Law aspects: Anisha Chand (Partner) and Anmol Awasthi (Associate); and

Due diligence and certain Securities law aspects: Anvita Mishra (Associate) and Priyanka Venkatasubramanian (Associate)

Role of Firm: Khaitan & Co. acted as legal advisor to Majesco Limited.

Other legal advisors if any with names of Lead Lawyers: Sheppard, Mullin, Richter & Hampton LLP acted as legal advisor to Majesco and Kirkland & Ellis LLP and Trilegal acted as legal advisors to Thoma Bravo.