IT firm Mastek is tapping Asia again

IT firm Mastek hopes to be second-time lucky in the Asian region. The Mumbai-based firm, which burnt its fingers during the Asian crisis in the last decade, is now tapping the region again.

The firm has launched an insurance product specifically targeted at the Asian market called Elixir Asia, and also intends to grow its Asian business from 5%-20% of revenues in the next five years. The Asian business was a significant contributor to Mastek’s revenues in the late nineties.

“The Asian insurance market is the most attractive growth market in the next decade,” said Mastek CMD Sudhakar Ram. The insurance sector will also be a major driver for the company’s growth in the next five years. Last year, it acquired STG, a provider of enterprise software solutions to the North America general insurance industry, and in the year before that Vector Insurance Services. Both acquisitions have been integrated into Mastek.

“This Asian insurance industry is witnessing tremendous changes with India alone growing at more 25% over the last few years. This market is characterised by high volume and rapid scale of business,” said Asia Pacific head Vilas Kanyal. The insurance sector currently contributes around 30% of Mastek’s revenues.