Mastek Ltd Company History

The Company was incorporated on 14th May, under the name and

style of Management and Software Technology, Pvt. Ltd. It was

originally promoted by Ashok Desai, Ketan Mehta and R. Sundar.

The name of the Company was changed to Mastek, with effect from

16th August, 1992. The main objects & Activities of the Company

is manufacturing and setting of and dealing in computer

software.

4,000 Pref. shares allotted without payment in cash. 700 No.

of equity shares taken up by promoters, directors, etc.

The Company's new software package, `STRAC' for stock brokers

met with good response.

Pref. shares redeemed. Authorised capital reclassified and

increased. 9,000 No. of equity shares taken up by promoters,

directors, etc.

The Company in association with Ingress Corporation U.S.A.

(Ingress), installed in India over 100 Relational Data Base

Management Systems manufactured by Ingress.

The Company launched a new software package `TOPVIEW'.

Development of another software package, `MAMIS' was in progress

and launched during the year.

The Company embarked upon establishment of centres in Mumbai

and Chennai which would be engaged exclusively in development of

software for application in foreign countries. The Company

proposed to enhance the facilities at the existing unit at Seepz

at an estimated cost of Rs 25 lakhs.

The Company made a public issue of 4,00,000 shares of Rs 10

each at a premium of Rs 180 per share. The issue was

oversubscribed. All the shares were taken up.

23,000 Bonus shares allotted in prop. 1:1 on 19.2.1992.

Equity share subdivision on 13.3.1992. 3,90,000 No. of equity

shares then allotted at par to TDICI in conversion of loan.

The Company received necessary permissions from Government and

Reserve Bank of India for making investment of US $ 200,000 in

the shares of Mastek Software Incorporated of USA and $4,20,000

in shares of Mastek Asia Pacific Pvt. Ltd. of Singapore.

With the investments the Company would make Mastek Software

Incorporated U.S.A., its wholly owned subsidiary and would

acquire 70% stake in Mastek Asia Pacific Pvt. Ltd. Singapore.

A MOU was signed with a local partner in U.K. to form an

exclusive front end company to represent Mastek in U.K.

The Company proposed to introduce an employee Stock Option

Scheme (ESOS) for the benefit of the employees subject to the

approval of the shareholders of the Company.

The company proposed to issue upto 20,000 - 12% fully

convertible debentures of Rs 100 each to the employees of the

Company who were on the payroll as on 31st March, 1993.

These debentures would be converted into 10 No. of equity

shares of Rs 10 each at par or 5 equity shares of Rs 10 each at

a premium of Rs 10 per share after 18 months from the date of

allotment of the debentures. Only 12,339 debentures were

allotted. Accordingly, 56,640 No. of equity shares allotted

during 1994-95.

The main objects of the public issue of equity shares during

December, were to Finance (i) establishment of software

development centres in Mumbai and Chennai; (ii) enhancement of

facilities of the existing unit at Seepz; (iii) investment in

three proposed joint ventures abroad and (iv) augmentation of

long term resources for working capital.

The Company introduced software package `PICADUR' for stock

brokers which received good response.

The Company launched "XCALIBUR", a windows based share trading

and accounting software.

The Company formed a strategic alliance with BSES Telecom to

provide total IT solutions to the power and utility sectors in

India.

14.25.% cumulative redeemable pref. shares issued.

3,00,000-14.25% and 2,70,000-15% pref. shares issued. These

shares to be redeemed by 99-2000 & 2000-2001 respectively.

BSES Telecom Ltd., a 100 per cent subsidiary of BSES Ltd., and

Mastek have joined hands to provide Information Technology

driven management oriented solutions for power utilities sector

through Utility Software Development Group which the two

companies have decided a constitute.

Mastek has been among the few companies to focus on software

products. It has since realigned its business and is offering

customer specific solutions. It is the first company to be

certified with ISO 9000 for its domestic operations and offices.

The company has recently entered into an alliance with BSES

Telecom to provide IT solutions to the power industry based on

its enterprise resource planning (ERP) software called "mamis."

It has introduced newer products, namely "PICA-DOR," "LAPS,"

"JAAL" and "FRONTIER."

The Mumbai-based Mastek Ltd and the US-based Computer

Associates (CA), have chalked out a three-phased strategy to

out-market Sybase and Informix in the country with CA's Ingres

Relational Database Management System (RDBMS).

The company set up a wholly owned subsidiary in Germany i.e.

Mastek GmbH. It also set up a branch in Japan.

5,00,000 Pref. Shares issued during the year. 2,72,750 Pref.

Shares redeemed.

Mastek is unique because it was the only software company to

rely on the `product development' strategy to capture a

significant chunk of the domestic market.

Mastek has wholly-owned subsidiaries in five countries:

Majesco Software Inc, USA, Mastek UK Ltd, Mastek Germany GmbH,

Mastek Software Sdn. Bhd, Malaysia and Mastek Asia Pacific Pte

Ltd in Singapore.

The Company has entered into a partnership with US-based

Vignette, a leading supplier of e-business applications, for

building on-line businesses.

Indian software firm Mastek Ltd. is preparing for its American

Depository Receipts issue.

The Board of directors of Mastek Ltd, has proposed a stock

split in the ratio of two shares for every one share held,

thereby reducing the par value of the share from Rs 10 to Rs 5.

Mastek Ltd has entered into an alliance with BroadVision Inc.

of the US to build e-business applications.

Mastek Ltd has informs that Mr. S D Kulkarni is appointed as an Additional Director of the company.

alloted 34,789 equity shares under ESOP to the employees of the company and its subsidiaries,

Company has been awarded a 10 year contract by BT's System Integration arm, Syntegra for an initial £27 million as part of the National Programme for IT within the UK's National Health Service

Mastek Ltd has informed that Mastek (UK) Ltd, a subsidiary of the Company, has been awarded an order for approximately GBP 4 million by one of the leading Health Care Insurance Companies in the UK.

Mastek Ltd has informed that they have received intimation from Citigroup Global Markets (M) Pvt. Ltd. of having acquired 20,000 shares amounting to 5.06% of the total paid up capital of Mastek Ltd.

Mastek Ltd has informed that the Board of Directors of the Company at its meeting held on October 12, 2006, after the conclusion of the Annual General Meeting, the Board of Directors appointed Mr. Diwan Arun Nanda as an Independent Director of the Company.

Mastek has given the Bonus in the Ratio of 1:1

Mastek Ltd has announced that the Company has been ranked 11th amongst the leaders of Global Outsourcing 100 Companies by the International Association of Outsourcing Professionals.

Mastek Ltd has bought Systems Task Group (STG) International a provider of enterprise solutions for the property and casualty (P&C) insurance industry in an all-cash consideration of $29 million (Rs 116 crore).

Mastek Ltd has informed BSE regarding a Press Release dated April 15, 2009 titled "Mastek's US subsidiary joins hands with Flexi Software to expand its best-of-breed

insurance technology offerings".

Mastek, a high-end IT solutions player, announced that its STG Billing Solution for property and casualty (P&C) insurers has been ranked as a market leader by an analyst firm Celent.

Mastek launches ElixirAsia for India and Asia Pacific Market.

Mastek launches STG Electronic Bill Payment and Presentment .

Mastek launches Elixir Distribution Management in India and US.

Mastek Acquires Kognitio Data Migration Offering.

Mastek - Mastek acquires the assets of SEG Software, LLC.

Mastek Ltd has informed BSE regarding a Press Release dated October 27, 2010 titled "Social Justice Department, Maharashtra introduces 'e-Scholarship' solution to transform scholarship programme in the State".

Mastek - First customer win in USA for ElixirTM Distribution

Mastek - Mastek UK Ltd, signs a Multi-Year Framework Agreement.

Mastek - MajescoMastek Announces Elixir North America Policy.

Mastek wins contract worth Rs. 59 crore.

Mastek - Wawanesa Life signs with Mastek in North America for its Policy Administration System.

Mastek’s US subsidiary signs $30 mn licensing contract.

Mastek - COUNTRY Financial Selects MajescoMastek's STG Billing to Replace Legacy System and Streamline Billing Processes.

Mastek - Mastek enhances Morrisons' date management strategy.

Mastek is ranked 67th in the Leader category in the "The 2013 Global Outsourcing 100® service providers".

Mastek’s Elixir Distribution Management(EDM) solution received the Celent’s XCelent Service Award.

Mastek is ranked 71st in "The 2014 Global Outsourcing 100® and The World’s Best Outsourcing Advisors".

"MajescoMasteks STG Policy Named XCelent Award Winner".

Majesco Positioned as a Leader in Gartner's First Magic Quadrant for P&C Insurance Policy Management Modules.

Majesco signs four insurance carriers in North America

Mastek UK Completes the Acquisition of IndigoBlue.

Logi Analytics and Mastek bring embeddable BI to G-Cloud.

A subsidiary of Mastek is recognised as one of CIOReview’s 20 most promising financial services technology solution providers 2016.

Mastek Li - Digility Inc., the US entity of Mastek Limited, acquires TAISTech.

Home Office Immigration Technologies Wins Best Use of Cloud Services Award at The UK IT Industry Awards.

Mastek Secures Three-Year Deal to Deliver Digital Services for Together.

Mastek’s services have enabled Together to grow the value of its loan book by 150 per cent in just three years.

Mastek announces multi-million pound IT investment plan for UK.

Mastek Inc. builds on digital transformation services in North America.

UK PM Boris Johnson quotes on Mastek’s strategic support for UK Digital Skills employment.

Mastek Wins NASSCOM ‘Women In Technology’ Hackathon.

Mastek Recognised as ‘IT Vendor of The Year’ at UK IT Industry Awards.

Mastek Inc. partners with commercetools to Deliver Modern B2C and B2B Commerce Solutions.

Mastek Ltd a leading enterprise digital transformation provider, has today attended the Force for Good reception, hosted by the Prime Minister at 10 Downing street to celebrate the UKs Tech Sector.

Mastek strengthens executive leadership for next stage of the journey.

Mastek gains UiPath Services Network certification.

Mastek Signs Definitive Agreement To Acquire Evosys To Fuel Its Digital Transformation Growth.

TAISTech, LLC, a leader in digital commerce services announced today its rebrand to Mastek Americas.

Mastek Enables Multiple Clients to Deliver D2X Strategy.

Mastek gets recognized in The Gartner Digital Commerce Vendor Guide, 2021 as a Digital Commerce Service Provider.

Mastek continues its strategic support for UK Digital Skills employment.

Durham University selects Evosys, a Mastek Company for its Oracle Cloud Migration journey.

Mastek looking forward to creating 1600 new jobs with an investment of circa £79 Mn over the next 3 years.

Mastek enters the Economic times India growth champions 2022 list.

Mastek Wins the ISG Paragon Awards 2023, North America, in the Environment Sustainability Category.

'Mastek wins the ISG Digital Case Study Awards 2022 for Healthcare & Life Sciences'.

Mastek Inaugurated New Office Facility in Thames Valley.

Mastek Named among the Top Five for Oracle Cloud Applications Services Delivering Superior Value Globally.

Mastek Wins New Business from London Metropolitan University to Deliver High-Performing Digital Solution.

Mastek Wins New Business with Dulsco to Deliver Future-ready, Cloud-based Personpower Solutions.