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Founded
Mastek was incorporated on 14 May 1982 as Management and Software Technology Private Limited, a business designing and delivering computer software. The name was changed to Mastek on 16 August 1992.
The company was founded by three Indian Institute of Management Ahmedabad class of 1979 batch-mates including 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. Sudhakar Ram now operates as the Vice Chairman and Managing Director of the Mastek Group.
IPO and International Expansion
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.
In 1995 Capita engaged Mastek to bid for the London Congestion Charging scheme. The scheme went live as planned, on 17 February 2003. 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.
Majesco, the U.S. subsidiary of global technology service provider Mastek 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 that focuses on the North American life and annuity insurance industry. Systems Task Group an IP-based enterprise service provider to the North American property and casualty insurance industry was acquired in 2008. In 2009, MajescoMastek entered the Canadian Market. SEG Software, LLC, a provider of policy administration systems covering individual and group life, health & annuity insurance products was acquired in 2010.
In 2014, MajescoMastek demerged 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 with Majesco. In February 2015 Majesco acquired the consulting firm Agile Technologies.
In 2006, Forbes Asia ranked Mastek amongst the World's 200 Best Small and Medium-sized Enterprises, all under Dollar 1 billion in revenues.
In 2009 and 2010, Mastek Ranked amongst the Best 20 Leaders by The International Association of Outsourcing Professional , in four industry focus areas a) Government, b) Financial Services Insurance, c) Financial Services Banking, and d) Information and Communication.From 2006 to 2014, Mastek ranked amongst the Top 100 outsourcing companies in the World by The International Association of Outsourcing Professionals
Growth and acquisitions
In 2015 Mastek acquired IndigoBlue a consultancy firm specialising in Agile programme management.In 2016 Mastek acquired TAISTech a US-based digital commerce expert. TAISTech delivers products including Oracle Commerce & Endeca, Oracle and Demandware, Marketing Cloud, Commercetools, CPQ , Integration ESB Platforms, Open-Source technology, other Cloud Digital Transformation Services around Amazon, Oracle, Microsoft, and Google Cloud Platform.The company reported net revenues of ?832 Crores for FY2018 as compared to ?572.8 Crores in FY17, reflecting a 46.3% increase. Operating revenue stood at ?817.2 Crores for FY18 as compared to ?560.2 Crores in FY17, indicating a 45.9% increase.
