NYSE-listed Mastech Digital is betting big on areas like advanced analytics and artificial intelligence to accelerate growth as it aspires to hit the USD 500 million revenue-milestone in the next few years.
Mastech Digital, which is promoted by Ashok Trivedi and Sunil Wadhwani (founders of IT firm iGATE), offers digital transformation and IT staffing services. Its revenues stood at USD 177.2 million in 2018 and the company has around 1,650 employees globally.
"We have seen strong growth in both of our businesses. Our approach of advanced analytics and artificial intelligence-led offerings will play a key role in our expansion... We aspire to hit the USD 500 million-revenue mark in the next few years and we see these technology areas playing a critical role in that vision," Mastech Digital President and CEO Vivek Gupta told PTI.
He added the company has been strengthening its team to aggressively tap into opportunities in markets like North America, Far East Asia and the Middle East.
Gupta, however, declined to comment on the exact timeline for hitting the USD 500 million-revenue milestone.
In July 2017, the company acquired Canada-based InfoTrellis for USD 55 million. InfoTrellis had over 200 associates globally with offices in Toronto, Canada and Austin (US) as well as a global delivery centre in Chennai.
The deal brought in highly specialised capabilities in areas of data management and analytics to Mastech Digital, allowing the latter to offer consulting and project-based delivery of digital transformation services.
In April this year, Paul Burton was named as the CEO of Mastech InfoTrellis -- the data and analytics business under Mastech Digital.
"With the InfoTrellis acquisition, we have been able to expand these advanced capabilities to our IT staffing business as well... We are focussing on verticals like financial services, retail and healthcare," Gupta said.
Asked if the company is scouting for acquisitions, Gupta said: "We would look at it but nothing as of now."
"We think acquisitions will play an important role and we will look at something in the analytics space itself. However, we are not looking at it right now," he added.
Mastech Digital has two centres in India (in Noida and Chennai) with close to 400 employees.
The US-based company had posted a revenue of USD 45.2 million for the March quarter, 2019. Of this, IT staffing services accounted for USD 39.4 million, while data and analytics services revenue was at USD 5.7 million.
Interestingly, the company's gross margins from data and analytics services was more than double (45.5 per cent) as compared to IT staffing services (20.8 per cent).
"While we are investing in both of our business segments, the lion's share of investment going forward will be on the data and analytics segment, which underscores our confidence in the future of this business segment," Gupta said.
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