Mastek eyes $20-30 mn acquisition in FY09
Software services firm Mastek Ltd is looking at an overseas acquisition of around $20-30 million during the current financial year.
By PTI |
MUMBAIL Software services firm Mastek Ltd is looking at an overseas acquisition of around $20-30 million during the current financial year, a senior official said on Wednesday.
"We are mainly looking at the U.S. and the UK and it will be insurance or government vertical," Group CFO and Director (Finance), R.S. Desikan told reporters, refering to firms which have expertise in handling government jobs and insurance sector.
In March, the company paid $29 million to acquire U.S.-based STG International, which offers business software services to the property and casualty insurance companies in North America.
The insurance vertical currently contributes a quarter to the Mastek's total revenues and this share is expected to reach 40-45 percent in the next 2-3 years, he said.
Mastek shares ended 1.25 per cent down at Rs 392.60 in the Mumbai market.
"We are mainly looking at the U.S. and the UK and it will be insurance or government vertical," Group CFO and Director (Finance), R.S. Desikan told reporters, refering to firms which have expertise in handling government jobs and insurance sector.
In March, the company paid $29 million to acquire U.S.-based STG International, which offers business software services to the property and casualty insurance companies in North America.
The insurance vertical currently contributes a quarter to the Mastek's total revenues and this share is expected to reach 40-45 percent in the next 2-3 years, he said.
Mastek shares ended 1.25 per cent down at Rs 392.60 in the Mumbai market.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
