Mastek acquires assets of SEG Software

IT firm Mastek today said it has acquired the assets of SEG Software, which provides enterprise software solutions for the annuity, health and life insurance industry, for a undisclosed amount.

The US-based wholly-owned subsidiary, MajescoMastek, has acquired substantially all of the assets of SEG Software, Mastek said in a filing to the Bombay Stock Exchange.

However, the company did not disclosed the financial details of the acquisition.

This acquisition would expand its presence and capabilities in the life and annuity policy administration arena.

"This acquisition would provide the life and annuity market place with the next generation configurable solution that given immediate support for the range of life, health and annuity products in the industry," MajescoMastek Executive Vice President Mike Dufton said.

This acquisition follows two prior acquisitions by MajescoMastek in the North American market, with Vector Insurance Services being acquired in 2007 and Systems Task Group acquired in 2008.

The SEG product engine provides market ready product and regulatory support for virtually all lines of individual and group life, health and annuity products and extends MajescoMastek's reach into the health, true group and annuity payout markets.