Mastek Signs Definitive Agreement To Acquire Evosys To Fuel Its Digital Transformation Growth

Mastek Americas | TAISTech is now Mastek Inc.!

MUMBAI – February 08, 2020 – Mastek (UK) Limited, a wholly-owned subsidiary of Mastek Limited, today announced that it has signed a definitive agreement to acquire the Middle East business of Evolutionary Systems Arabia FZ LLC “Evosys” through its group company.

Further, Trans American Information Systems Private Ltd (TAISPL), a wholly-owned subsidiary of Mastek Limited has proposed to enter into a Scheme of Arrangement with Evolutionary Systems Private Limited (‘Evosys India’) pursuant to which the identified Indian business along with the USA, UK and Rest of the World businesses of Evosys India would stand demerged to TAISPL. Evosys promoters will strengthen the shareholder base of Mastek and will own 15% stake in Mastek Limited.

The aforesaid transaction would be subject to regulatory approvals and customary closing conditions.

Evosys is an existing Oracle Platinum Partner and leader in delivering cloud solutions. Their industry leadership has been recognised by being awarded Oracle’s Global Cloud HCM Partner of the Year 2019 and Global Cloud ERP Partner of the Year 2017 based on their outstanding delivery track-record and industry knowledge. Gartner have also recognised Evosys as one of the few organisations to have made the leap into cloud migration based on better client business engagement and de-risking project delivery which aligns well with the heritage of Mastek. The combined business will significantly expand the portfolio of services and market opportunities each company can now take to market. Evosys operates in a high growth segment of Enterprise Cloud Applications where Oracle is one of the leading players for cloud applications in HCM, ERP, SCM and BI. These product lines represent a significant proportion of Oracle Corporation’s global revenue and investment. Today, Evosys is a recognised leader and focuses exclusively on Oracle Cloud implementation & consultancy, with 13 years of experience and 1000+ Oracle Cloud customers across 30+ countries.

The cloud services market continues to grow faster than traditional IT segments and is often the starting point for many company’s digital transformation journey. With Evosys’ proven business model addressing the in-demand ERP market, which leverages unique IP coupled with Mastek’s bespoke service offering and delivery reputation creates an ideal opportunity for customers to accelerate their digital transformation and extract more value from all their digital assets: current, legacy and future.

This transaction allows Mastek to diversify its geographic concentration, leverage the customer acquisition velocity that Evosys brings and provides an immediate addressable opportunity to increase our share of wallet and deliver more value for our customers. The successful sell-with partnering model that Evosys operates will help scale the combined businesses faster than traditional direct route to market.

Evosys’ complete executive team led by Founder and CEO Umang Nahata and Co-Founder and COO Rakesh Raman will continue to work for the larger organisation reporting to John Owen, Mastek Group CEO.

John Owen, Mastek Group CEO explains “The strategic intent is compelling for both companies. I am thrilled Umang, Rakesh and their outstanding team have accepted our invitation to combine resources under Mastek. We all see a fantastic opportunity to accelerate the digital transformation agenda for many more customers globally. Although the hard business logic is sound for both companies, and the integration plan is straight forward and pragmatic to not distract operations, we equally recognise that it is often the softer people motivations and intent that make these deals work. In Evosys, I see a successful team who already shares the same values, vision and ambition for Mastek as we do. Financially, this transaction will be immediately accretive to our growth and earnings however, we must be more ambitious. We will all measure success over the next few years by the value we create from building a strong cash generative Group.”

Speaking on the transaction, Umang Nahata, Co-Founder and CEO of Evosys said “We are excited to become a part of the Mastek Group. With our combined capabilities, market reach and financial resources, we are confident that we will be able to reach our strategic goals faster within this dynamic digital services organisation. We look forward to delivering enhanced value to our esteemed customers and building something special.”

EY India acted as an exclusive financial advisor on the transaction. Khaitan and Co acted as a legal advisor for Mastek whereas Cyril Amarchand Mangaldas acted as legal advisor for Evosys. Transaction Square was the tax advisor for Evosys.

About Mastek

Mastek (NSE: MASTEK; BSE: 523704), voted IT Vendor of the Year at the BCS UK IT Industry Awards 2019, is an enterprise digital transformation specialist that engineers excellence for customers in the UK, US and India. It enables large-scale business change programmes through its service offerings, which include application development, support and testing, BI and analytics, agile consulting and digital commerce. Whether it’s creating new applications, modernising existing ones or recovering failing projects, Mastek helps enterprises to navigate the digital landscape and stay competitive. Learn more by visiting

About Evosys:

Evosys is a leading, Oracle Cloud implementation and consultancy company serving 1,000+ Oracle Cloud customers across 30+ countries. An Oracle Platinum partner, Evosys provides solution offerings like Oracle HCM Cloud, Oracle ERP Cloud, Oracle SCM Cloud, Oracle CX, Oracle EPM Cloud, PaaS solutions (including custom-built solutions), AI, IoT and RPA.

Evosys is also leading the market for on-premise to cloud transformation having successfully transformed more than 80 customers across Oracle EBS, SAP, Peoplesoft, etc. to Oracle Cloud Application.

Evosys diverse customer portfolio consisting Government, Healthcare, Engineering and Construction, Retail, Hospitality Travel and Tourism, Manufacturing & Distribution organisations, is a testimony to the expertise and leadership in Oracle Cloud implementation. Evosys has won the ‘Oracle Partner of the Year’ Awards at Oracle OpenWorld since 2017 and recognized as the ‘Dream Employer of the Year ‘ by World HRD in 2019. It has a global footprint with offices in [30] locations with a total turnover of USD 60 million as of March 2019.

Investor / Analyst contact:

Asha Gupta
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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 Mastek Ltd. undertakes no obligation to update forward looking statements to reflect events or circumstances after the date thereof.