Mumbai, India — Mastek, an IT solutions player with global operations providing new technology and IP-led enterprise solutions to insurance, government and financial services organizations worldwide, announced the acquisition of Systems Task Group International Ltd. (STG), an IP-based enterprise solutions provider to the North American P&C insurance industry.
This acquisition is the second such initiative by Mastek during the current financial year, and follows the acquisition of another insurance-focused IT company Vector Insurance Services in July 2007. Under the terms of the agreement, Mastek's wholly-owned U.S. subsidiary MajescoMastek will hold 100% equity stake in STG. The consideration for this acquisition will be paid partly in cash and partly by way of future cash earn outs.
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