Mastek buys assets of SEG Software

MUMBAI: Mumbai-based mid-sized IT firm Mastek has acquired the assets of American firm SEG Software for an undisclosed amount.

The acquisition will expand Mastek's presence and capabilities in the life and annuity policy administration. A provider of insurance policy administration systems in the US, SEG Software's technolgoy encompasses individual and group life, health & annuity insurance products.

The buyout is routed through Mastek's wholly-owned US subsidiary MajescoMastek. "The acquisition will help to accelerate our presence in the North American market. There are a number of localised features required for this market as well as state-wise regulations -- SEG caters to these and also fits in well with our existing technology ," said Sudhakar Ram, CEO, Mastek.The assets of SEG Software consisting of its technology and people associated with it have been acquired, Ram said.