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Mastek targets higher growth
Ens Economic Bureau
Mumbai, Aug 2
Mastek Ltd, a leading software solution company, has chalked out a major growth strategy based on system integration business and is targeting a five-fold growth in its revenue in the next five years.
Says Ashank Desai, Chairman of Mastek,“The global system integration market is worth about $75 billion. Our core strength lies in this line of business. We have successfully implemented very large and complex system integration projects like London congestion charging and UK’s National Health projects.”
In the last three years, the company’s 70 percent revenue came from Europe. It is now planning to tap the large US software market. “We are building a strong team in the US. Once the team is in place we expect good business from the US market,” Desai said.
While admitting that the 20 year old company’s growth was slow, he said, “We are building a large software solution company for long-term sustainability. We are in the high end of the spectrum.” Mastek is also looking for acquisitions. “We are looking for small companies which will have synergy with our operations.” Desai said without revealing further details. As part of its growth strategy, the company is also planning to strengthen its insurance and brokerage verticals. Recently, Mastek acquired two new properties in Pune which could accommodate 775 professionals. It also acquired 46,500 sq feet of land at Mahape in Navi Mumbai, close to its main development centre. “We are planning to set up a new development centre at Navi Mumbai,” Said Desai.
This centre will have a built up area of 93,000 sq ft. and will have a capacity to house over 1,100 IT professionals. |
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