MajescoMastek Acquires STG International

Mastek, the India-based parent company of MajescoMastek (Edison, N.J.), has acquired System Task Group (STG) International, a New York-based provider of IP-based enterprise solutions to the P&C insurance industry.

Under the acquisition, MajescoMastek will hold a 100 percent equity stake in STG, which will become known as STGMastek. STG has an offshore competency center in Mumbai, India and offers US-based P&C insurers policy and billing administration, claims processing and point-of-sale administration solutions and services.

In July 2007, Mastek acquired Vector Insurance Services, a life and annuity-focused IT company. Meanwhile, Mastek expects the STG acquisition to strengthen its presence within the P&C segment of the insurance vertical.

"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," said Sudhakar Ram, Chairman & MD, Mastek in a press release.