Mumbai, Tuesday, 19th January 2010, Mastek Ltd has been rated "Promising" in the latest Gartner research report, 'MarketScope for Insurance Incentive Compensation Management Applications', published on December 16, 2009. The report evaluates vendors operating in the ICM solutions space.

Steven Leigh, Principle Research Analyst, Gartner, wrote in his recent research report, "From a global perspective, the ICM market for insurance has largely experienced incremental growth, with demand disproportionately originating from insurers with more-complex payment schemes and sales hierarchies."

Mastek’s channel management system has been successfully implemented by 12 clients globally covering individual, group life and health insurance lines of business. Elixir Distribution Management (EDM), the next generation channel management system is a single integrated solution to all distribution challenges. It encompasses all the tools insurers need to manage distribution as an end to end process. EDM includes agent administration, compensation management, the performance manager and an agent portal thus managing distribution from the enterprise level down to an individual agent. Mastek's deep domain expertise, advanced product offering and local experts have made it a clear leader in the Indian market with the largest number of installations in this market.

Mastek has been distinguished by its comparatively strong presence in India, with a local advantage over some other providers. Vilas Kanyal, Head – Asia Pacific at Mastek said, "We are seeing a lot of interest from the Insurance companies who are entering the growing Indian market. Mastek's channel management offering has been implemented at six insurance companies in India. In my opinion, Gartner's rating stands testimony to our commitment to the insurance industry."

Rad Sundar, Founder Director of Mastek and Head of Insurance said "Some of the largest multinational Insurance carriers have implemented this product. Mastek's continuous investment in Elixir Distribution Management platform and best practices from within the insurance community will be beneficial to Mastek’s customers and Indian insurance industry as a whole."
Interest in ICM applications is directly related to a need to manage complex compensation structures, and complicated distribution channels and hierarchies, while achieving greater departmental efficiencies.

MarketScope Disclaimer:
The MarketScope is copyrighted 2009 by Gartner, Inc. and is reused with permission. The MarketScope is an evaluation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the MarketScope, and does not advise technology users to select only those vendors with the highest rating. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.


About Mastek
Mastek is a USD 201 Million (FY 2009), publicly held, leading IT player with global operations providing enterprise solutions to insurance, government, and financial services organizations worldwide. With its principal offshore delivery facility based at Mumbai, India, Mastek operates across the North America, Europe and Asia Pacific regions. Incorporated in 1982, Mastek has been at the forefront of technology, which along with proven methodologies and processes, increase IT value generation to its customers through onsite and offshore deliveries.

Mastek has over 17 years of insurance experience with over 100 insurance customers globally. With over 5000 man years of experience in the insurance domain and a dedicated centre of excellence, Mastek’s intellectual property spans across Life, Annuities & Pensions and Property & Casualty domains.

For more information and detailed results, please visit our web site www.mastek.com
Media contact:  
Sanjay Mudnaney / Chavneet Sabherwal
+91 22 2824-7745 / +91  98335 81376
sanjay.mudnaney@mastek.com / chavneet@corvoshandwick.co.in


Investor/analyst contact:
Abhinandan Singh
+91 22 2824-7864
abhinandan.singh@mastek.com

Shareholders may also contact Mastek via email at Investor_grievances@mastek.com, which has been specifically created for the redressal of investor grievances.

Note: Except for the historical information and discussion contained herein, statements included in this release may constitute forward looking statements. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those that be projected by these forward looking statements. These risks and uncertainties include, but not limited to such factors as competition, growth, pricing environment, recruitment and retention, technology, wage inflation, law and regulatory policies etc. Such risks and uncertainties are detailed in the Annual Report of the company which is available on the website www.mastek.com. Mastek Ltd. undertakes no obligation to update forward looking statements to reflect events or circumstances after the date thereof.