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Indian multinational technology company

Mastek is an enterprise-level digital engineering and cloud transformation company with operations in 40 countries. Listed on the National Stock Exchange and Bombay Stock Exchange,[1] the company provides digital transformation services and software to large public and private enterprises, with over 5,810 employees globally. The company is headquartered in Mumbai, Maharashtra.[2]

History

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Founded ()

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Mastek, formerly Management and Software Technology Private Limited,[3] was founded on 14 May by three Indian Institute of Management Ahmedabad alumni Ashank Desai, Ketan Mehta and R. Sundar. They were later joined by Sudhakar Ram who held the role of Group CEO of the company until late when John Owen joined the business and took over as the Group CEO. Ashank Desai now operates as the Vice Chairman and Hiral Chandrana joined Mastek as Global CEO in July, .[4]

IPO and International Expansion ()

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In , Mastek acquired Carter Cast Systems, an IT company as part of the plan to establish the Mastek footprint in the UK and set up base in Theale.[5]

In Capita engaged Mastek to bid for the London Congestion Charging scheme. In , BT Global Services invited Mastek to join the consortium for the Spine programme. Mastek was involved in delivering and maintaining several applications for the NHS Spine over the next decade ' involving over 130 deliveries during the project phase.[citation needed]

Subsidiary and acquisitions (')

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Mastek's U.S. subsidiary Majesco was founded in . In , the firm acquired Entegram LLC, a Connecticut-based software company. In , it acquired Vector Insurance Services, a technology service provider and third-party administrator. The company acquired Systems Tasks Group (STG), an IP-based enterprise service provider to the North American property and casualty (P&C) insurance industry in . SEG Software, LLC, a provider of policy administration systems covering individual and group life, health & annuity insurance products was acquired by the company in . In , MajescoMastek demerged[6] from Mastek consolidating all of its insurance business internationally under the new brand, Majesco. In December , the firm announced the signing of an agreement to merge the business of Cover-All Technologies (NYSE MKT: COVR) with Majesco. In February , Majesco acquired the consulting firm Agile Technologies. In Mastek acquired IndigoBlue a consultancy firm specializing in Agile programme management.[7][8] In Mastek acquired TAISTech, a US-based digital commerce expert.[5][9]

Acquisitions (-present)

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In , the company announced the acquisition of Evolutionary Systems Private Limited (Evosys or ESPL), a company that provides Oracle Cloud implementation and consultancy services,[10] and two years later in , acquired MST Solutions.[11]

The company reported total income of '2,220 crores for FY as compared to '1,750 crores in FY, reflecting a 29.6% increase. Operating revenue stood at '2,184 crores for FY as compared to '1,722 crores in FY, indicating a 26.8% increase.[12]

In , the company acquired BizAnalytica. [13]

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Partnership

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In July , Mastek attained the highest ranking from UiPath, achieving USN certification as part of its technical accreditation.[14]

In December, Mastek made a strategic investment in VolteoEdge, a SaaS company with an Edge Intelligence Platform that provides secure IoT workflows.[15]

In March , Mastek announced a partnership with AI firm Netail to help e-commerce and omnichannel retailers to optimize their retail value chain.[16]

In January , Mastek partnered with King Faisal Specialist Hospital and Research Centre for technology intervention in their healthcare services.[17]

Awards and recognition

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In , Forbes Asia ranked Mastek amongst the World's 200 Best Small and Medium-sized Enterprises, all under dollar 1 billion in revenues.[18]

In and , Mastek ranked amongst the Best 20 Leaders by The International Association of Outsourcing Professionals (IAOP), in four industry focus areas a) Government, b) Financial Services Insurance, c) Financial Services Banking, and d) Information and Communication.[19]

From to , Mastek ranked among the Top 100 outsourcing companies in the World by The International Association of Outsourcing Professionals (IAOP).[20]

Mastek was awarded the 'great place to work' badge by a global institute of the same name after an employee survey.[21]

The company was also recognized with ISG Digital Case Study Award for its digital transformation work with enterprise customers by Information Services Group (ISG), a global technology research and advisory firm.[22]

Initiatives

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Mastek Foundation

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Founded in , the Mastek Foundation is the corporate and social responsibility (CSR) wing of Mastek and Majesco Ltd. Registered under the Bombay Public Trust Act, the Mastek Foundation mainly supports the promotion of education, health and nutrition, eradication of hunger, promotion of gender equality and protection of environment sustainability.[23]

Project Deep Blue

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Project Deep Blue was started in as a Mastek initiative to encourage engineering students to solve social problems using coding skills over a course of three months. Teams that make it through the selection process get to work in technologies like neural nets, social data analytics, machine learning, advanced image processing, and IoT for problem solving.[24]

References

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