Mastek plans to focus on financial services

The Mumbai-based global software company Mastek plans to focus on financial services and the government sector, especially on large projects in the US and the UK.

Mastek has identified the insurance domain as one of the key sectors. It has set up a dedicated insurance centre at Mahape in Navi Mumbai.

Recently Mastek (UK), a subsidiary of Mastek, had bagged a œ4 million contract from a UK-based healthcare insurance company.

Mastek chairman Ashank Desai said: "We have moved up the value chain. We have executed large mission critical projects such as the London Congestion Charging and have recently won a 10-year contract partnering with Syntegra BT for the National Health Services (UK)."

According to Desai, more and more Indian firms are bagging multi-year contracts which is a pointer that the Indian IT industry is maturing.

On Mastek's business strategy, Desai said: "Our strategies of focusing on the financial services has paid good dividends." Mastek's revenues from financial services has at present increased to over 40 per cent of the total revenue in the current year from 25 per cent three years back," he said.

Referring to the Mastek Deloitte Consulting joint venture, Desai said the joint venture has been growing according to expectations. Currently over 500 professionals are working in the Mastek DC joint venture.

On Mastek's business process outsourcing (BPO) initiatives, Desai said: "We have taken the joint venture route. We have a joint venture with Capita which is the UK's largest BPO provider. Capita has a long experience in the BPO market space and Mastek brings in the understanding of building a scalable IT service organisation. Together we are a formidable combination."