Mastek Ltd Share Price

History of Mastek Ltd

Mastek Limited is a trusted and Turnkey Digital Engineering and Cloud Transformation Partner that delivers innovative solutions and business outcomes for clients across industry verticals including Healthcare and Life Sciences, Retail, Manufacturing, Financial Services and Government/ Public Sector. The Company enable customer success and business change programmes by partnering with enterprises to unlock the power of data, modernize applications to cloud, and accelerate digital advantage for all stakeholders. Mastek Limited was incorporated on 14 May 1982, with its principal offshore delivery facility based at Mumbai, India; Mastek operates across the US, Europe, Japan and Asia Pacific regions, also at the forefront of technology, along with proven methodologies and processes, increase ... IT value generation to its customers through onsite and offshore deliveries. Mastek was the first Company in India to create software products during the year 1985. In 1989, the company had introduced Relational Database Management System (RDBMS) in India; it was the first of its kind. To work additionally, a subsidiary company in Singapore was established in the year 1990. Mastek was the first company developed Enterprise Resource Planning in India during the year 1992 and in the same year, the Mastek USA was founded. One more subsidiary company was incorporated under the company's control in Malaysia during the year 1994. The Company made its footprint in UK and also formed a subsidiary in Germany in the year 1996 and 1999 respectively. Mastek assessed at People Capability Maturity Model (P-CMM) Level 3 in the year 2000. In the year 2002, the company's state-of-the-art campus was launched in Millennium Park at New Bombay. One of the world's largest Dot Net project London Congestion Charging of the company was goes live in the year 2003. Also in the same year, Mastek awarded the Best Solution developed on .NET by an Indian SI'. During the year 2005, the company had signed the memorandum of agreement to acquire 15.5 acres of land at Mahindra City in Chennai. Mastek group's first development centre outside Maharashtra, India, Launched its largest development centre outside Mumbai in Pune in the identical year of 2005. Mastek had attained the position, among top 15 Indian IT companies as per NASSCOM survey in the year 2006. In the year 2007, the company's launched its development center at Chennai and also a new building was commissioned at Millennium Park campus at New Bombay. In July of the year 2007, Mastek had acquired insurance-focused IT Company Vector Insurance Services. During the same year of 2007, Mastek credited as the first to ride the third wave of Indian IT and obtained Level 3 of CMMI version 1.2. Mastek had ranked in the top 50 global outsourcing providers in The Black Book of Outsourcing published by the Brown-Wilson Group of the year 2007. The Company had acquired Systems Task Group (STG) International Ltd in March 2008, an IP-based enterprise solutions provider to the North American property and casualty (P&C) insurance industry. The Company has been ranked among the 'Top 20' among the leaders of 'Global Outsourcing 100 Companies 2008' by the International Association of Outsourcing Professionals, published in Fortune magazine in May of the year 2008. In July of the year 2008, Mastek had revised its agreement with Capita Life & Pensions to expand its licence and service arrangement for the Elixir software to support the customer base of Capita's growing, market leading Business Process Outsource (BPO) operations in the UK Life & Pensions market. In FY 2011-12, Hon'ble Bombay High Court vide its Order dated December 2, 2011 and Gujarat High Court vide Order dated July 7, 2011 had approved Merger of Keystone Solutions India Private Limited, a step down subsidiary with the Company, being appointed date of the Merger Scheme, July 01, 2011. The Board of Directors of the Company in their meeting held on 15 September 2014, had approved demerger of Insurance Products and Services business of the Company, into a new Company, Minefields Computer Limited to be renamed as Majesco Limited, to be followed by transfer of Majesco India of the Offshore Insurance Operations business in India to Majesco Software and Solutions India Private Limited (MSSIPL). During the year 2014-15, Company sold its entire shareholding in Mastek Asia Pacific Pte. Ltd. to Majesco Sdn. Bhd, Malaysia for a consideration of SGD 380,000 and consequently, Mastek Asia Pacific Pte. Ltd. ceased to be a Subsidiary of the Company effective, October 31, 2015. The Company increased 37 new clients during the year, totaling up to 157 clients for the FY 2018-2019. It had 2 direct wholly owned subsidiaries and 4 step down subsidiaries as at 31 March, 2019. During the year 2019-2020, TAIS Tech LLC has been merged with Trans American Information Systems Inc. USA, step down subsidiary of the Company. Accordingly, TAIS Tech LLC now cease to exist effective December 31, 2019. Further, on April 30, 2020 a new entity i.e. Mastek Digital Inc. at Canada has been incorporated as wholly owned subsidiary of Mastek Inc. On February 8, 2020, Company acquired Evolutionary Systems Private Limited (Evosys), a leading Oracle Cloud implementation and consultancy company, that has served more than 1,000 Oracle Cloud customers. It expanded customer base to 30. As on March 31, 2020, Company has 20 Subsidiary Companies, which increased due to acquisition of Evosys Group Companies. As on March 31, 2021, the Company had 21 Subsidiary Companies. During the year 2021, Company increased 10 non-retail customers to support them in their digital transformation journey. It formed alliances and partnerships which opened up opportunities. It expanded base to Canada, enabling to serve Canadian customers while expanding the talent work force. During the year 2022, Company launched Cloud Enhancement Service (CES) offerings providing significant ROI to its customers. It secured the first deal for Canadian entity with a leading Healthcare service provider. It secured largest co-sell deal encompassing front-to-back-office transformation through their Oracle and Salesforce solutions (Acosta). It opened a new office in Bucuresti, Romania which will help strengthen our footprints in the European market and serve as a foundational step towards opening more nearshore delivery centres, closer to the UK market. During the year 2022-23, the Company acquired MST Solutions, i.e., MetaSoftTech Solutions LLC, US entity and Meta Soft Tech Systems Private Limited, Indian entity, a Salesforce consulting firm, in July 2022, which later on became the subsidiaries of the Company. It launched an Innovation Hub in Arizona that provides services such as Oracle, Salesforce, ServiceNow. The Company enhanced its expertise in the data cloud domain by acquiring BizAnalytica to enhance Data Cloud and Generative AI capabilities in FY 2024. This acquisition moved into data engineering, cloud services and the rapidly evolving Generative AI domain. It launched GOV.UK One Login Platform to access g government services online - a programme of Critical National Infrastructure in 2024. The Company joined forces with Microsoft to transform industries using Generative AI capabilities. Further, InfoGENius, an AI-based accelerator for using generative technology launched in 2024. iConniX, a Gen AI powered solutions also launched during the year. Meta Soft Tech Systems Private Limited (MST), a wholly-owned subsidiary was merged with the Company, making the Scheme of Arrangement effective from May 31, 2024. In FY 2025, Company expanded the managed services by providing cloud, data, and applications, improving client stickiness and wallet share. It launched 80+ AI assets and 100+ use cases under the Adopt ai. brand for the new AI-led projects and expanded the solution portfolio to accelerate client transformation journeys in June, 2025. It launched AI Engineering Centre of Excellence (CoE), a dedicated hub for AI consulting, integration services, and developing of AI Agents, AI-enabled applications and industry-specific use cases; further launched Lightbeam, as AI-Driven Workload Optimisation platform for Data Cloud in reducing Total cost of Ownership (TCO).