Ahmedabad-based IT services company Mastek Ltd, through its US-based subsidiary Majesco Inc, has signed a definitive agreement to acquire the business of Agile Technologies (Agile), an insurance industry focused IT consulting firm in the US, as per a stock market disclosure.
The company, however, did not disclose the financial terms of the deal, which is expected to close by January 2015.
The acquisition is a part of Majesco's (earlier known as MajescoMastek USA) growth strategy that will help the company accelerate its global customer support and growth plans.
Agile is engaged in manufacturing of scientific testing equipment and offers bio-analytical and electronic measurement solutions to the communications, electronics, life sciences and chemical analysis industries.
"Since our founding in 1997, Agile Technologies has had an unwavering commitment to helping our client companies bridge the chasm between technology promises and real-world business value. We have had a long-term relationship with Majesco partnering with them on many of our customer engagements. We see this development as a natural extension of our relationship — a great marriage of software, consulting and services, and a shared vision of the value well-implemented technology solutions can deliver to customers," said Bill Freitag, founder of Agile Technologies.
"Agile's business is a natural synergistic fit for Majesco and this acquisition is an ideal way to strengthen our capabilities. Agile has an excellent reputation in the industry with a high quality talent pool of over 50 insurance technology professionals, domain depth and a satisfied customer base. Our customers and the insurance industry at large will benefit from our combined strength in creating and executing carriers' data strategy, business process optimisation and business intelligence projects. We look forward to being a partner of choice to over 20 of Agile's customers who join our growing customer base," said Ketan Mehta, CEO and founder of Majesco.
Founded in 1982, Mastek Ltd is a software solutions and integration services company and offers a suite of information technology solutions and services. The company serves insurance, financial services and government sectors.
The company will continue to make significant investments in expanding and strengthening its global business while continuing to build its portfolio of products and services through ongoing R&D, talent development and acquisition of firms providing synergistic offerings like Agile Technologies, the statement said.
Recently it demerged its insurance products and services business into a separate listed company.
Majesco provides core insurance technology software and IT services to over 100 carriers globally. It delivers proven solutions and IT services in core insurance areas including policy administration, billing, claims and distribution.
(Edited by Joby Puthuparampil Johnson)