Mastek buys UK agile development company after Majesco spin-off

MUMBAI: Mastek Ltd, which demerged its insurance business into a separate company last year, reported operating revenue of Rs 133.3 crore and said it had acquired a UK company for about 2.25 million pounds.

Mastek's results are not comparable year-over-year, following the demerger of the insurance business into Majesco, which will be listed on the New York Stock Exchange.

Net profit for the quarter ended June 30, was Rs 4.4 crore. The company added 5 new clients during the first quarter.

Mastek also said its UK arm bought IndigoBlue Consulting for 2.25 million pounds plus a contingent consideration based on an achievement of revenue, profit and retention targets payable over the next three years.

"The IndigoBlue acquisition is a significant addition to Mastek’s Agile delivery capabilities. We see synergies between Indigo Blue and Mastek in cross leveraging capabilities with their combined customer base," Sudhakar Ram, managing director and Group CEO, of Mastek said in a statement.

The company's total client count stood at 69 at the end of the quarter, including those clients acquired from IndigoBlue.

Since the spin off of Majesco, Mastek now derives most of its revenues from providing enterprise IT solutions to the government, retail and financial services organizations.