Majesco, the cloud insurance software vendor has selected and implemented NetSuite ERP. The announcement came a few days after the Insuretech firm announced that Thoma Bravo intends to acquire the company, in a deal valuing the company at $729 million. This is not a foregone conclusion as another bidder has already forced an increase in the Thoma Bravo bid.
Who is the mystery bidder? It may be another private equity firm. However, it could also be Oracle. Not only has Majesco implemented NetSuite in recent months it also implemented Oracle HCM. Oracle also has a strong presence in the Insurance sector and may have wanted to add Majesco to its portfolio. Whoever buys the company will look to accelerate its growth. In 2020 it was only 2.42% as it attained revenues of $145.55 million (Source Marketwatch).
NetSuite integrates with Oracle HCM providing the Insurance company with a complete solution. This will enable the company to leverage market-leading solutions for its nearly 2,000 staff (Source LinkedIn).
Adam Elster, CEO of Majesco, commented: “We’re thrilled about the modern capabilities NetSuite will provide to our entire organization. Having one unified cloud-based platform will improve business operations across our sales, finance, procurement, product delivery, and support organizations. We selected NetSuite as it enables us to standardize operations, enhance business insights and serve our customers more efficiently.”
Oracle might have expected Majesco to select Oracle Financials Cloud alongside Oracle HCM. However, this combination is probably better for a company of this size in an industry that NetSuite has specific functionality for. Its recent update improved analytics and increased the flexibility of its support for software subscriptions.
Managing the whole business
Majesco has deployed the solution across all its operations, not just within finance, delivering a new level of transparency and efficiency across its business. It will leverage the order management, project management, resource management, project accounting, timesheet management, procurement, billing management, and reporting capabilities within NetSuite.
Sam Levy, SVP of Sales, Oracle NetSuite commented: “Like many of our customers, Majesco is leading the way forward in its industry, being the first to provide cloud-based products to change the way it conducts business and better serve a market,” said. “By implementing NetSuite, Majesco will be able to react quickly to new business opportunities, while continuing to offer leading services to its customers.”
Enterprise Times: What does this mean
This is a significant win for NetSuite in a company that, with the acquisition by Thoma Bravo almost complete, is poised for rapid growth. It now has, in Oracle HCM and NetSuite, appropriate systems to help power that growth. If Thoma Bravo does acquire Majesco this could become a very interesting case study for NetSuite. Especially considering the integration with Oracle HCM.
