MajescoMastek plans more acquisitions following its listing in New York Stock Exchange

MUMBAI: MajescoMastek, the North American subsidiary of Mumbai-based information technology services company Mastek, plans to look at further acquisitions following its listing on the New York Stock Exchange through its buyout of Cover-All Technologies.

The company had earlier this month said it had agreed to buy US-listed Cover-All Technologies in an all-stock deal. In September, Mastek had announced that it would merge its insurance business into Majesco. Mastek has also acquired the insurance business of Agile Technologies.

Together with Agile, the combined operations of Majesco-Mastek and Cover-All will have more than $100 million in estimated annual revenue.

"Part of the NYSE listing, which gives us a very attractive valuation, is to be able to use stock-as-currency for future acquisitions," Ketan Mehta, CEO of MajescoMastek, told ET in an interview.

Although the company plans to go in for acquisitions after the integration of Cover-All, which should be completed by the second quarter of 2016, Mehta said, "We could look at acquisitions before that as well if an attractive target emerges. We are already getting proposals and being shown options by the bankers."

It is also looking to expand into new territories, which could reduce its dependence on North America.