Mastek

Mastek
Company typePublic
ISININE759A01021
IndustrySoftware Information technology
FoundedMay 1982; 42 years ago (1982-05)
Founders
Headquarters
Mumbai, Maharashtra
,
India
Number of locations
India (13)

UK (3) US (4) UAE (4) KSA (1) Bahrain (1) Kuwait (1) Qatar (1) Egypt (1) Netherland (1) Singapore (1) Malaysia (1)

Australia (1)
Key people
Ashank Desai (Vice President & Managing Director)| Hiral Chandrana (Global CEO)
ServicesAgile Consulting, Application Support and Maintenance, Digital Commerce, Application Development, Business Intelligence, and Assurance & Testing
RevenueRs. 2,563.4 (in FY23)
Number of employees
5,810 (Latest as per Q2FY23 results)
Subsidiaries
  • Digility INC
  • Taistech
  • Indigoblue Consulting
  • Evolutionary Systems
Websitewww.mastek.com

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

Founded (1982)

Co-founder Ashank Desai in Goa, 1998

Mastek, formerly Management and Software Technology Private Limited,[3] was founded on 14 May 1982 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 2016 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, 2021.[4]

IPO and International Expansion (1992)

In 1992, 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 1995 Capita engaged Mastek to bid for the London Congestion Charging scheme. In 2003, 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 (1992–2018)

Mastek’s U.S. subsidiary Majesco was founded in 1992. In 2005, the firm acquired Entegram LLC, a Connecticut-based software company. In 2007, 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 2008. SEG Software, LLC, a provider of policy administration systems covering individual and group life, health & annuity insurance products was acquired by the company in 2010. In 2014, MajescoMastek demerged[6] from Mastek consolidating all of its insurance business internationally under the new brand, Majesco. In December 2014, the firm announced the signing of an agreement to merge the business of Cover-All Technologies (NYSE MKT: COVR) with Majesco. In February 2015, Majesco acquired the consulting firm Agile Technologies. In 2015 Mastek acquired IndigoBlue a consultancy firm specializing in Agile programme management.[7][8] In 2016 Mastek acquired TAISTech, a US-based digital commerce expert.[5][9]

Acquisitions (2019-present)

In 2020, 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 2022, acquired MST Solutions.[11]

The company reported total income of ₹2,220 crores for FY 2022 as compared to ₹1,750 crores in FY2021, reflecting a 29.6% increase. Operating revenue stood at ₹2,184 crores for FY2022 as compared to ₹1,722 crores in FY2021, indicating a 26.8% increase.[12]

In 2023, the company acquired BizAnalytica. [13]

Partnership

In July 2022, 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 2023, Mastek announced a partnership with AI firm Netail to help e-commerce and omnichannel retailers to optimize their retail value chain.[16]

In January 2023, Mastek partnered with King Faisal Specialist Hospital and Research Centre for technology intervention in their healthcare services.[17]

Awards and recognition

In 2006, Forbes Asia ranked Mastek amongst the World's 200 Best Small and Medium-sized Enterprises, all under dollar 1 billion in revenues.[18]

In 2009 and 2010, 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 2006 to 2014, 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 2022 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

Mastek Foundation

Founded in 2002, 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

Project Deep Blue was started in 2015 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

  1. ^ Das, Vipul (17 January 2023). "IT stock ended on a red note as PAT drops 20% in Q3, 140% dividend declared". mint. Retrieved 30 March 2023.
  2. ^ "Mastek slides after Q3 PAT drops 19% QoQ to Rs 64 cr". www.business-standard.com. 17 January 2023. Retrieved 2 April 2023.
  3. ^ "Fiis Are Bullish On These 5 Smallcap Stocks. Here's Why..." NDTV.com. 10 November 2022. Retrieved 2 April 2023.
  4. ^ "History of Mastek Ltd., Company". Goodreturn. Retrieved 18 March 2019.
  5. ^ a b "HDFC Securities, Institutional Research (report)" (PDF). moneycontrol.
  6. ^ Charlie, Adith (15 September 2014). "Mastek to demerge, list insurance business". @businessline. Retrieved 19 March 2019.
  7. ^ Mendonca, Jochelle (16 July 2015). "Mastek buys UK agile development company after Majesco spin-off". The Economic Times. Retrieved 18 March 2019.
  8. ^ "Mastek acquires UK-based IT consulting firm IndigoBlue". VCCircle. 4 May 2015. Retrieved 18 March 2019.
  9. ^ "Mastek pegs TAISTech revenue at $30 mn by March 2017: Chief". Moneycontrol. 13 December 2016. Retrieved 18 March 2019.
  10. ^ "Mastek acquires businesses of cloud services provider Evolutionary Systems". VCCircle. Retrieved 2 April 2023.
  11. ^ "M&A advsisory: Mastek acquired MST Solutions, a Salesforce Consulting Partner based in the United States". www.ey.com. Retrieved 2 April 2023.
  12. ^ "Annual report" (PDF). BSE India.
  13. ^ Singh, Tushar Deep (20 July 2023). "Mastek Acquires US-Based BizAnalytica For Global Footprint In Gen AI, Cloud". NDTV Profit. Retrieved 28 February 2024.
  14. ^ "Mastek achieves UiPath Services Network certification". www.business-standard.com. 12 July 2022. Retrieved 2 April 2023.
  15. ^ "Mastek gains after strategic investment in VolteoEdge". Business Standard. 19 December 2022.
  16. ^ "Mastek announces partnership with AI firm Netail to boost e-commerce". Free Press Journal. Retrieved 2 April 2023.
  17. ^ "Mastek partners with Saudi Arabia-based King Faisal Specialist Hospital & Research Centre". www.business-standard.com. 12 January 2023. Retrieved 2 April 2023.
  18. ^ Wibisono, Ardian. "Forbes Asia Best Under A Billion 2022". Forbes. Retrieved 2 April 2023.
  19. ^ "Auditors Report od Mastek-NDTV".
  20. ^ "12 Indian outsouring cos among top global 100". mint. 13 July 2012.
  21. ^ "Mastek UK Ltd Great Place to Work UK | The global authority on workplace culture". www.greatplacetowork.co.uk. Retrieved 30 March 2023.
  22. ^ "Digital Standouts - Healthcare and Life Sciences". isg-one.com. Retrieved 30 March 2023.
  23. ^ "CSR : Mastek Foundation To Educate 3500 Children". 19 April 2018.
  24. ^ "Engineering students from Mumbai bring tech solutions for civic issues". DNA India. Retrieved 2 April 2023.

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