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ITA Pro Weekly, July 23,2020

Thoma Bravo to buy Majesco, Todd Greenbaum on insurtech and COVID, Hippo closes $150 mil round, and more…

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Hot off the presses!

In another big move for insurtech deals, software solutions provider Majesco this week announced that it has signed a definitive agreement to be acquired by Thoma Bravo, L.P., a private equity firm focused on the software and technology-enabled services sectors, in a transaction valuing the company at $594 million. Following the closing of the transaction, Majesco will operate as a privately held company under the leadership of CEO Adam Elster and the existing leadership team.

“We are extremely excited to partner with Thoma Bravo, a firm with an established track record of working with companies transitioning to the cloud,” Elster says. “This transaction delivers significant cash value to our stockholders.  Moreover, the added flexibility we will have as a private company, combined with the benefit of Thoma Bravo’s knowledge and domain expertise, can allow us to more effectively focus on our long-term investment and growth objectives, to the benefit of our employees, customers and partners. We are in alignment with Thoma Bravo on our strategic vision to help global insurers transition to the cloud.”

 

From omnichannel to digital transformation to AI, the InsurTalk podcast from Guidewire brings you expert insights from people who have driven innovation and turned possibilities into realities. Check out the first few episodes, featuring leaders from Aviva Italy, Economical Insurance, WSIB, and Farmers Insurance.

 

Todd Greenbaum is President and CEO of Input 1, a provider of digital billing and payment solutions expanding core/legacy systems to improve customer engagements, market agility, and operating efficiency. In this week’s Electronic Chat, he discusses new insurance business models in the wake of COVID-19, maintaining high levels of customer service, the importance of carrier/agent relationships, and more.

“Agents find policyholders. Agents help the policyholder navigate the complex and sometimes frustrating business of insurance…With the right information, agents can help the insurance company improve the quality and stickiness of the business or maybe focus on coverages or premium sizes that they haven’t sold a lot of in the past. The opportunities made available with a great agent experience are extremely valuable.”

 

Home insurance insurtech Hippo closed $150 million in Series E funding, valuing its business at $1.5 billion post-financing. In the past 12 months, the company has grown its total written premiums to $270 million, growing at 140 percent year over year.

“We set out to change the relationship between homeowners and home insurance by offering more value and services in each interaction with our customers,” says Assaf Wand, Co-founder and CEO, Hippo. “We’ve seen tremendous growth over the last three years since launch, by leveraging technology wisely and reimagining the customer experience. We’re developing a long-term relationship with our customers, in part by supporting our insurance customers with home maintenance and smart home devices - all of which help solve small problems before they become big headaches.”
 

 
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