Mastek Ltd
NSE: MASTEK BSE: 523704
₹1651.20
(1.62%)
Thu, 15 Oct 2026, 05:35 am
Market Cap (in Cr)5038.54
PE Ratio12.33
Dividend1.48
Technology Services
Information Technology Services
24.5KCompany History
1982
- Incorporated 14 May as Management and Software Technology Pvt. Ltd. promoted by Ashok Desai, Ketan Mehta, R. Sundar.
1987
- Allots 4,000 preference shares without cash payment.
- Promoters, directors take up 700 equity shares.
1988
- Launches STRAC software package for stock brokers.
1989
- Redeems preference shares.
- Reclassifies and increases authorised capital.
- Promoters, directors take up 9,000 equity shares.
1990
- Installs over 100 Ingress RDBMS in India with Ingress Corporation USA.
- Launches TOPVIEW software package.
- Launches MAMIS software package.
1991
- Establishes software development centers in Mumbai and Chennai for foreign markets.
- Proposes Rs 25 lakhs enhancement at Seepz unit.
- Makes public issue of 400,000 equity shares at Rs 10 premium Rs 180; oversubscribed.
1992
- Name changed to Mastek effective 16 August.
- Receives approvals to invest $200,000 in Mastek Software Incorporated USA (wholly-owned subsidiary) and $420,000 in Mastek Asia Pacific Pte Singapore (70% stake).
- Signs MOU with UK partner for front-end company.
- Proposes Employee Stock Option Scheme (ESOS).
- Proposes 20,000 12% fully convertible debentures to employees; 12,339 allotted, converted to 56,640 equity shares in 1994-95.
- Allots 23,000 bonus shares 1:1 on 19 February.
- Subdivides equity shares on 13 March.
- Allots 390,000 equity shares to TDICI on loan conversion.
1993
- Introduces PICADUR software package for stock brokers.
1995
- Launches XCALIBUR windows-based share trading and accounting software.
- Forms strategic alliance with BSES Telecom for IT solutions in power and utility sectors.
1996
- Issues 14.25% cumulative redeemable preference shares.
1997
- Issues 300,000 14.25% and 270,000 15% preference shares for redemption 1999-2001.
- Forms Utility Software Development Group with BSES Telecom.
- Becomes first company ISO 9000 certified for domestic operations.
- Enters alliance with BSES Telecom using MAMIS for power industry.
- Introduces products PICA-DOR, LAPS, JAAL, FRONTIER.
1998
- Forms alliance with Computer Associates to market Ingres RDBMS.
- Sets up wholly-owned subsidiary Mastek GmbH in Germany and branch in Japan.
- Issues 500,000 preference shares; redeems 272,750.
1999
- Wholly-owned subsidiaries established in USA, UK, Germany, Malaysia, Singapore.
2000
- Enters partnership with Vignette for e-business applications.
- Prepares for American Depository Receipts issue.
- Proposes 2:1 stock split reducing par value from Rs 10 to Rs 5.
- Enters alliance with BroadVision for e-business applications.
2003
- Appoints S. D. Kulkarni as Additional Director.
- Allots 34,789 ESOP equity shares to employees and subsidiaries.
- Awarded 10-year £27 million contract by Syntegra for UK NHS IT program.
2004
- Mastek UK awarded GBP 4 million order by UK healthcare insurance company.
- Citigroup Global Markets (M) Pvt. Ltd. acquires 20,000 shares (5.06% of capital).
2006
- Appoints Diwan Arun Nanda as Independent Director.
- Issues bonus shares in 1:1 ratio.
2007
- Ranked 11th among leaders in Global Outsourcing 100 by IAOP.
2008
- Acquires Systems Task Group International for $29 million.
2009
- US subsidiary joins hands with Flexi Software for insurance technology offerings.
- STG Billing Solution ranked market leader by Celent.
- Launches ElixirAsia for India and Asia Pacific.
- Launches STG Electronic Bill Payment and Presentment.
- Launches Elixir Distribution Management in India and US.
2010
- Acquires Kognitio Data Migration Offering.
- Acquires assets of SEG Software, LLC.
- Social Justice Department, Maharashtra, introduces e-Scholarship solution.
- First customer win in USA for Elixir Distribution.
2011
- Mastek UK signs Multi-Year Framework Agreement.
- MajescoMastek announces Elixir North America Policy.
- Wins contract worth Rs. 59 crore.
- Wawanesa Life signs with Mastek for Policy Administration System in North America.
2012
- US subsidiary signs $30 million licensing contract.
- COUNTRY Financial selects MajescoMastek's STG Billing to replace legacy system.
- Enhances Morrisons' data management strategy.
2013
- Ranked 67th Leader in 2013 Global Outsourcing 100 service providers.
- Elixir Distribution Management solution receives Celent XCelent Service Award.
2014
- Ranked 71st in 2014 Global Outsourcing 100 and World's Best Outsourcing Advisors.
- MajescoMastek's STG Policy named XCelent Award Winner.
2015
- Majesco positioned as Leader in Gartner's first Magic Quadrant for P&C Insurance Policy Management Modules.
- Majesco signs four insurance carriers in North America.
- Mastek UK completes acquisition of IndigoBlue.
2016
- Logi Analytics and Mastek bring embeddable BI to G-Cloud.
- Subsidiary recognized as one of CIOReview's 20 most promising financial services technology providers.
2017
- Digility Inc. (US entity) acquires TAISTech.
- Home Office Immigration Technologies wins Best Use of Cloud Services Award at UK IT Industry Awards.
- Secures three-year deal to deliver digital services for Together.
2018
- Services enable Together to grow loan book by 150% in three years.
- Announces multi-million pound IT investment plan for UK.
- Mastek Inc. builds digital transformation services in North America.
- UK PM Boris Johnson quotes Mastek's support for UK Digital Skills employment.
- Wins NASSCOM Women in Technology Hackathon.
2019
- Recognized as IT Vendor of the Year at UK IT Industry Awards.
- Mastek Inc. partners with commercetools for B2C and B2B commerce solutions.
- Attends Prime Minister's Force for Good reception at 10 Downing Street.
- Strengthens executive leadership.
2020
- Gains UiPath Services Network certification.
- Signs agreement to acquire Evosys.
- TAISTech rebrands to Mastek Americas.
2021
- Enables multiple clients to deliver D2X strategy.
- Recognized in Gartner Digital Commerce Vendor Guide 2021 as Digital Commerce Service Provider.
- Continues strategic support for UK Digital Skills employment.
2022
- Durham University selects Evosys (Mastek company) for Oracle Cloud migration.
- Plans to create 1600 new jobs with £79 million investment over next 3 years.
- Enters Economic Times India Growth Champions 2022 list.
2023
- Wins ISG Paragon Awards 2023 North America in Environment Sustainability category.
- Wins ISG Digital Case Study Awards 2022 for Healthcare & Life Sciences.
- Inaugurates new office facility in Thames Valley.
- Named among top five for Oracle Cloud Applications Services globally.
- Wins new business from London Metropolitan University for digital solution.
- Wins new business with Dulsco for cloud-based manpower solutions.
2024
- Chairman Ashank Desai honored with Gold Stevie Award at International Business Awards.
- Named Top 15 Sourcing Standout in ISG Index 3Q 2024 Global, Americas, EMEA.
- Partners with Innovaccer to transform value-based care and improve patient experience.
- Announces strategic partnership with Onyx Health to accelerate healthcare data interoperability.
- Honored with award at 19th Annual 2024 Globee Awards for Technology.
