Mastek ranked among Best 20 in Government and Insurance by IAOP: Mastek has been ranked among the Global Top 50 in the "2009 Global Outsourcing 100" companies - a list compiled by the International Association of Outsourcing Professionals (IAOP) which includes companies from around the world providing a full spectrum of outsourcing services - not just information technology and business process outsourcing, but in areas such as facility services, real estate and capital asset management, manufacturing, and logistics. Mastek was also ranked among the Best 20 companies by industry focus in both its target verticals of Government and Insurance, where it has created a strong position for itself within the enterprise applications market.
Mr John Dowd, who has been involved in supporting the company in its growth initiatives since September 2008 when he came on board as a senior advisor, has been named President & CEO by the company's Board of Directors in its meeting today. In his expanded role Mr Dowd will be responsible for establishing the strategic direction of Mastek, all its worldwide operations, and have overall accountability for business performance. Mr Sudhakar Ram, who will continue as Chairman & Managing Director, will champion the Vision and Values of the company and focus on governance, corporate social responsibility, and key strategic initiatives and strategic relationships. In continuance to the senior-level appointments made across geographies during the previous two quarters, the company appointed Mr Farid Kazani as Group CFO & Finance Director during the quarter under review. Mr Kazani brings a rich experience of over 18 years in corporate finance to Mastek's global leadership team. During the quarter, Mr Kees Tan Nijenhuis (MD, Mastek Europe) left the organization for personal reasons. The company now has a significantly larger and more robust team of front-end sales professionals and domain experts in its UK and North American operations, which should enable it to extend and grow its market presence.
During the quarter under review, Mastek added 2 new customers in the face of a difficult business environment. Both of these customers are in the Insurance vertical.
The company's development of a new, more flexible version of Elixir™ based on Service Oriented Architecture (SOA) remains on schedule, with releases occurring as per plan. During the year under review, Mastek launched the Distribution Management (EDM) module of its Elixir™ platform for the UK market and followed that up with the customised-for-geography EDM aimed at the US market. EDM is a standalone system that allows an insurance carrier to manage its entire distribution landscape. Additional modules, including New Business Underwriting, Policy Administration, and Claims Processing are being introduced in the UK and US markets separately in a phased manner. All the key modules for the UK, where the company already has an agreement with Capita to support its growing customer base in the UK Life & Pensions market, are likely to be rolled out by the end of the current calendar year. The new SOA-based Elixir™ insurance enterprise platform is aimed at enabling insurance carriers to efficiently manage broker-dealer networks, administer and launch new products, and claims processes, reduce costs and grow market share.
Mastek's P&C Insurance Billing Solution Ranked as a Leader: The company's STG Billing Solution for property and casualty (P&C) insurers has been ranked by analyst firm Celent as a market leader with a proven system. The company was rated highly in the ABCD Vendor View that comparatively ranks vendors based on: Advanced technology & technical flexibility, Breadth of functionality, Customer base, and Depth of client services & solutions. STG Billing is live for all standard personal and commercial lines for both direct and agency bill. The product offers support and is in production for multiple specialty lines as well.
Alliance with Flexi Software in USA to expand insurance technology offerings: During the quarter under review, Mastek's wholly-owned U.S. subsidiary MajescoMastek entered into an agreement with Flexi Software, a provider of best-of-breed financial accounting software, to deliver end-to-end integrated accounting solutions for insurance companies. The company will now be able to expand its STG Suite (Policy, Claims, Reinsurance and Billing) offering with the addition of a seamlessly integrated accounting solution for all insurance transactions including general ledger, accounts payable, fixed assets, purchasing and projects. This initiative will benefit insurers by providing them with the best-of-breed solutions that are integrated and supported from a single source, enabling them to operate their business more efficiently and cost effectively.
The stock closed the day at Rs.246.65, up by Rs.5.45 or 2.26%. The stock hit an intraday high of Rs.255 and low of Rs.227.
The total traded quantity was 89075 compared to 2 week average of 19466.
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