Mastek

Mastek Limited () is a multinational information technology services company headquartered in Mumbai, India. It is one of India's first few IT companies, with four development centers in India and over 10 delivery centers worldwide. Mastek and its subsidiaries employ over 3500 professionals (as of December 30, 2007).

History

Mastek was founded in May 1982 by four graduates from The INDIAN Institute of Management (IIM), Ahmedabad – Ashank Desai, Ketan Mehta, R. Sundar and Vasan. They were later joined by Sudhakar Ram, the current chairman & managing director of the company. The company started operations in a two-bedroom apartment in Ghatkopar, a central Mumbai suburb, which was also the home of Ketan Mehta.

The first application developed by Mastek was a production planning system for Lyka Labs. In 1986, the company bought a 180 sq. ft. office space in Unique Industrial Estate at Prabhadevi in Central Mumbai. After this, Mastek received its first export order from Singapore, and then became the first Indian company to launch two of its own application products – FINAC and STRAC. Mastek had clients like Deepak Fertilizers, Atul, HLL and IDI at this time.

In 1988, Mastek partnered with CA to distribute INGRES, and got an order from Reliance. The next year, its revenues reached Rs 4.7 million, and the company received venture capital funding to build MAMIS, one of the early ERP systems in the world. Mastek then went on to set up its own product development centre at Pune, Maharashtra.

In 1992, Mastek set up its own offices in the U.S., in California. The same year, the company went public, and in 1993, it became the first Indian IT company to introduce a companywide employee stock option (ESOP) plan.

Services

• Custom application development
• Application management outsourcing (AMO)
• Systems integration and rationalization
• Business frameworks
• IT consulting
• Legacy modernization and migration

Mastek offers its services through ten delivery centres in India and Malaysia. Its IT development and delivery processes have been certified at ISO 9001:2000 and assessed at SEI-CMM Level 5 and P-CMM Level 3.

Industries

The government, insurance and financial services sectors account for over 90% of Mastek’s global business. In the insurance space, its core product is the Elixir Insurance Enterprise Platform. It has modules that deal with various aspects of the insurance business like channel management, claims management, policy administration, products and new business & underwriting.

Mastek has executed more than 70 insurance projects worldwide, and has eight of the Top 20 global life and annuities companies as its clients.

Mastek majorly works with a strategic partner on UK government assignments in the area of e-governance. Projects include London Congestion Charging, NHS Spine and the Connexions Card project.

The company also have executed application development and management services to the banking and financial services industry (BFSI).