84
Mastek Limited
in the United States of America
Mode of Operation
Mastek entered the USA market in 1992 by establishing a wholly-owned subsidiary, Majesco Software, Inc at Santa Clara, California. In 2004, the company relocated its headquarters to Edison, New Jersey, and was renamed MajescoMastek, Inc
Overview
MajescoMastek offers the same vertical expertise as its parent company. Its range of solutions revolves around the government, insurance and financial services, in which the company has registered substantial success.These three verticals contribute as much as 90 per cent to its total revenues.The company offers several application modules in the insurance vertical such as, channel management, claims management, policy
administration, products and underwriting and new business. Similarly, it offers two application modules in the financial services vertical, which are business intelligence and electronic trading.The government vertical is the largest investor in IT services and the company has undertaken several projects in this segment. In addition to these, the company also offers services such as application development, system rationalisation, application management and legacy transformation.
Revenues from MajescoMastek grew at a CAGR of 15.6 per cent during the period 2002-2006.
The company contributed US$ 29 million (approximately 18 per cent) to the total global
Company Background
Mastek Limited (Mastek), established in 1982, is a global IT services company. It provides various IT services with custom application development, application management outsourcing, consulting, legacy modernisation, and migration and system integration.
The company serves its clients in various verticals such as, insurance, financial services and government. It was the first company in India to develop ERP in 1992.The company was also one of the first software companies in India to develop software products and introduce RDBMS. For the half year ending 31 December 2006, Mastek recorded revenues of approximately US$ 92.5 million. As on 30 June 2006, the company had 3225 employees.
Global Footprint of Mastek Limited
Mastek has a strategic presence in ten countries spread across the globe.The company has six subsidiaries in five countries, a branch in Japan and a joint venture with Deloitte Consulting, LLP.
In addition, it has marketing offices in the UK, Germany, the USA, Singapore, Malaysia and Japan.
Mastek has developed local management teams at all foreign locations to overcome language and cultural barriers with clients. A management team in a particular foreign location is backed by the respective international operational team.
MASTEK LIMITED
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revenues for the year ending June 30, 2006.
Success Factors
Strong product and innovation culture MajescoMastek has a strong focus on solutions and has been a forerunner in taking up and successfully managing green-field projects. In the government space, MajescoMastek partners with state and local government departments to deliver IT solutions that help them address their unique challenges.
A key focus area for MajescoMastek is to deliver projects that can improve the lives of citizens and have a positive impact on society.
In the insurance field, MajescoMastek is the only solutions provider with a complete enterprise solution for the industry. MajescoMastek Insurance Enterprise platform, Elixir, enables insurance companies to better respond to their customers.
It offers insurance customers speed of deployment and reduced development cost.
Elixir components include channel management, point of sales, channel portal, channel
compensation, claims management, policy administration, products, underwriting, and new business. It is a more flexible system and overcomes the rigidity inherent in the existing systems. In addition, the company's insurance product suite is renowned internationally as eight
85 out of the top-20 insurance carriers endorse
its products. For the year ending June 30, 2006, MajescoMastek bagged contracts with two Fortune-500 insurance companies.
Relentless Focus on Business Impacts MajescoMastek takes an enterprise wide
perspective of the clients business while envisioning the solution that would create a significant business impact on the clients business. Solutions are
designed to create a positive impact on the business at large rather than specific point issues.
Gold Standard of Collaboration
MajescoMastek operates in strong collaboration with its customers and partners. It envisions solutions along with its clients with an enterprise- wide perspective to deliver solutions.With existing customers increasing their collaborative efforts with MajescoMastek, more than 80 per cent of its revenues come from repeat business.
Future Plans
MajescoMastek will continue to leverage its solutions focus for the market with innovative solutions for insurance carriers and government bodies.
MajescoMastek will also be focusing on
strengthening its relationship with existing clients.
Consequently, it believes that this would help it to close contracts of higher value and longer duration.
In addition, it also intends to acquire a greater market share in the enterprise solutions market, owing to its unique solutions proposition and a growing market in the insurance vertical.
Source: Annual Report (2005-06)
Revenues (US$ million) - MajescoMastek (2002-2006)
June 02 June 04 June 03 June 05 June 06 0
10 20 30 40
Year 16.2
24.4 24.8
20.4
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