Mastek buys US insurance IT firm to expand global presence

10 March 2008

Mastek, a leading IT company in the insurance sector, has acquired Systems Task Group (STG) International Ltd, an enterprise solutions provider to the North American property & casualty (P&C) insurance industry. This acquisition follows the acquisition of another insurance-focused IT company Vector Insurance Services in July 2007. Following this transaction, STG will operate as “STGMastek”.

Headquartered in New York with a fully integrated offshore competency centre in Mumbai (India), STG leverages its enterprise applications “Renaissance” suite and “ParadigmASP” to provide the full spectrum of solutions and services to customers in the North American P&C insurance industry in the areas of policy and billing administration, claims processing, and point-of-sales administration. The company has about 350 employees with significant P&C insurance domain expertise and a robust customer base that includes over 35 small and mid-sized American insurance carriers.

Sudhakar Ram, Chairman and Managing Director, Mastek, said:
“This acquisition is another important step in furthering our strategy to expand our presence in both the life and non-life segments of the high opportunity US insurance market. STG enjoys very strong brand recognition and has over the years built a satisfied customer base in the P&C insurance industry. With STG’s established strengths in the P&C segment complementing our own competencies in the life & annuity segment, our status as a leading IP-based enterprise-wide solutions provider in the insurance vertical will be reinforced with this initiative.”

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