Mastek, specialised in building, re-engineering, maintaining and managing enterprise grade business applications, announced that its wholly owned subsidiary, Majesco has signed a definitive agreement to acquire the business of Agile Technologies (Agile), an insurance industry focused IT consulting firm. Majesco's strengths in insurance technology, with a portfolio of market leading software products and services combined with Agile's industry thought-leadership, consulting and client service capabilities will enable Majesco to accelerate its global customer support and growth plans.
The acquisition of Agile Technologies' business is a significant step in the execution of Majesco's aggressive growth strategy. The company has made and will continue to make significant investments in expanding and strengthening its global business while continuing to build its portfolio of products and services through ongoing R&D, talent development and acquisition of firms providing synergistic offerings like Agile Technologies. The business acquisition is expected to close in January 2015.
Ketan Mehta, CEO and founder of Majesco said, ''Majesco has been on an aggressive growth path adding new capabilities, growing our customer base and expanding into new geographies while keeping a laser sharp focus on meeting the technology needs of just one industry - insurance.''
Shares of the company gained Rs 10.05, or 3.84%, to trade at Rs 272. The total volume of shares traded was 97,239 at the BSE (1.21 p.m., Friday).