Mastek gains after strategic investment in VolteoEdge

Mastek rose 1.05% to Rs 1782.30 after the company announced that it has made a strategic investment in VolteoEdge.

VolteoEdge is a Software as a service (or SaaS) company with an enterprise-ready Edge Intelligence Platform that enables secure IoT workflows and makes business workflows smarter.

VolteoEdge, in collaboration with Intel and ServiceNow, delivers Edge-as-a-Service or Edge-to-Service (E2S) to its customers across manufacturing, oil & gas, healthcare, retail, and infrastructure industries. The fusion of ServiceNow platforms with Edge intelligence will forge a comprehensive customer service solution that is self-monitoring in predicting and detecting service breakdowns and thereby initiating a rapid incident response.

Through this strategic investment, Mastek aims to strengthen its customer service management & field engineering services to a more secure, intelligent, responsive, and connected ecosystem.

These integrated services will accelerate Mastek's ability to penetrate the emerging connected enterprise market and open new revenue streams. The connected enterprise space is projected to grow at a rapid pace and reach $ 200 Billion by FY 2024. With a streamlined integration between Edge intelligence and ServiceNow platforms, siloed process flows can be unified onto a single platform that enables customers to improve operational efficiency, maximize incident response reaction time, and deliver real-time insights.

E2S is a key differentiator for our partners to drive real time results into the services that their customers deliver. By enabling partners to distribute unique solutions with ServiceNow, we are seeing a higher level of activity in the manufacturing, healthcare, and life sciences spaces, which aligns well with Mastek and VolteoEdge's strategies. said Tasker Generes, VP strategy and transformation, ServiceNow

Arun Agarwal, global chief financial & investor relations officer, Mastek, said: "Our customers are leveraging the power of Data, AI/ML, and IoT in a secure environment. Our investment and partnership in VolteoEdge through Mastek Ventures is an exciting step to help customers in the data-driven Connected Enterprise space."

Ritwik Batabyal, chief technology officer & innovation officer, Mastek, added, This combination of VolteoEdge platform and Mastek's services brings a unique proposition for enterprises to connect siloed process flows, orchestrate handoffs with intelligence while digitizing engineering service.

Mastek is a provider of vertically-focused enterprise technology solutions. The portfolio of the company's offerings includes business and technology services comprising of application development, application maintenance, business intelligence and data warehousing, testing & assurance and legacy modernisation. The company carries out its operations in India and has its software development centres in India at Mumbai, Pune, Chennai and Mahape.

The company's consolidated net profit rose 9.4% to Rs 79.10 crore on 17.1% rise in net sales to Rs 625.30 crore in Q2 FY23 over Q2 FY22.

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