Ahmedabad-based IT services company Mastek Ltd has acquired UK-based IndigoBlue Consulting, for an undisclosed amount, according to a stock market disclosure. The acquisition has been structured with an upfront payment followed by an earn-out over three years based on agreed targets.
UK-based IndigoBlue was founded in 2002 and specialises in Agile programme and project management with a turnover in excess of £6 million.
“We look forward to working with Mastek within our shared sectors of expertise and providing a broader range of business change and technology services to our customers within the media and publishing, and not for profit sectors,” said Rob Smith, managing director, IndigoBlue.
Founded in 1982, Mastek is an IT solutions and services firm serving the domains of insurance, financial services and government sectors.
Last December, the company had demerged its insurance products and services business into a separate company Majesco. Majesco is to be separately listed in the US.
At the same time, Mastek had acquired the business of Agile Technologies (Agile), an insurance industry focused IT consulting firm in the US.
Shares of Mastek were trading at Rs 402 each, up 3.93 per cent on BSE in a strong Mumbai market on Monday at 12.38 PM.
(Edited by Joby Puthuparampil Johnson)