Majesco

Untitled (1900 × 1000 px)

Special Situation: Transition to Product Business

  • Unique Insurance product business crafted from India
  • Industry tailwinds and attractive valuation made it a formidable idea
  • Hived off listed separately from parent (Mastek) was preparation for sale
  • Partnership with IBM and solid execution on Metlife ($ 100mn contract) key testimonials to thesis
  • Clear signs of M&A being a key catalyst
  • Board composition and organisation design eg no second generation support thesis for sale.

Exit

  • Entry MCap - $ 150 mn MCap; < 2x rev (peers at 5-10x rev in US),
  • Exit $ 594 mn on 8th August 2020 to Thoma Bravo. Opens 69% up on deal.
  • Full exit in India by ORC over Rs 980.
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