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BSE: 523704 | NSE: MASTEK | ISIN: INE759A01021 Market Cap: [Rs.Cr.] 376 | Face Value: [Rs.] 5 Industry: Computers - Software - Medium / SmallMastek Limited (Mastek) publicly held, leading IT player with global operations providing enterprise solutions to insurance, government, and financial services organizations worldwide. The Company was incorporated on 14th May 1982, with its principal offshore delivery facility based at Mumbai, India; Mastek operates across the US, Europe, Japan and Asia Pacific regions, also has been at the forefront of technology, which along with proven methodologies and processes, increase IT value generation to its customers through onsite and offshore deliveries. Mastek was the first company in India to create software products during the year 1985.
In 1989, the company had introduced Relational Database Management System (RDBMS) in India; it was the first of its kind. To work additionally, a subsidiary company in Singapore was established in the year 1990. Mastek was the first company developed Enterprise Resource Planning in India during the year 1992 and in the same year, the Mastek USA was founded. One more subsidiary company was incorporated under the company's control in Malaysia during the year 1994. The Company made its footprint in UK and also formed a subsidiary in Germany in the year 1996 and 1999 respectively. Mastek assessed at People Capability Maturity Model (P-CMM) Level 3 in the year 2000. In the year 2002, the company's state-of-the-art campus was launched in Millennium Park at New Bombay. One of the world's largest Dot Net project London Congestion Charging of the company was goes live in the year 2003. Also in the same year, Mastek awarded the Best Solution developed on .NET by an Indian SI'.
During the year 2005, the company had signed the memorandum of agreement to acquire 15.5 acres of land at Mahindra City in Chennai. Mastek group's first development centre outside Maharashtra, India, Launched its largest development centre outside Mumbai in Pune in the identical year of 2005. Mastek had attained the position, among top 15 Indian IT companies as per NASSCOM survey in the year 2006. In the year 2007, the company's launched its development centre at Chennai and also a new building was commissioned at Millennium Park campus at New Bombay. In July of the year 2007, Mastek had acquired insurance-focused IT Company Vector Insurance Services. During the same year of 2007, Mastek credited as the first to ride the third wave of Indian IT and obtained Level 3 of CMMI version 1.2. Mastek had ranked in the top 50 global outsourcing providers in The Black Book of Outsourcing published by the Brown-Wilson Group of the year 2007.
The Company had acquired Systems Task Group (STG) International Ltd in March 2008, an IP-based enterprise solutions provider to the North American property and casualty (P&C) insurance industry. The Company has been ranked among the 'Top 20' among the leaders of 'Global Outsourcing 100 Companies 2008' by the International Association of Outsourcing Professionals, published in Fortune magazine in May of the year 2008. In July of the year 2008, Mastek had revised its agreement with Capita Life & Pensions to expand its licence and service arrangement for the Elixir software to support the customer base of Capita's growing, market leading Business Process Outsource (BPO) operations in the UK Life & Pensions market.
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