BSE:523704 | NSE:MASTEKEQ | 58888:mstk | IND:IT Consulting & Software - Small Cap | ISIN code:INE759A01021 | SECT:IT Software
The Company History page lists out the major events in chronological order for Mastek Ltd.
|Company History - Mastek Ltd.|
- The Company was incorporated on 14th May, under the name and style of Management and Software Technology, Pvt. Ltd. It was originally promoted by Ashok Desai, Ketan Mehta and R. Sundar. The name of the Company was changed to Mastek, with effect from 16th August, 1992. The main objects & Activities of the Company is manufacturing and setting of and dealing in computer software.
- 4,000 Pref. shares allotted without payment in cash. 700 No. of equity shares taken up by promoters, directors, etc.
- The Company's new software package, `STRAC' for stock brokers met with good response.
- Pref. shares redeemed. Authorised capital reclassified and increased. 9,000 No. of equity shares taken up by promoters, directors, etc.
- The Company in association with Ingress Corporation U.S.A. (Ingress), installed in India over 100 Relational Data Base Management Systems manufactured by Ingress.
- The Company launched a new software package `TOPVIEW'. Development of another software package, `MAMIS' was in progress and launched during the year.
- The Company embarked upon establishment of centres in Mumbai and Chennai which would be engaged exclusively in development of software for application in foreign countries. The Company proposed to enhance the facilities at the existing unit at Seepz at an estimated cost of Rs 25 lakhs.
- The Company made a public issue of 4,00,000 shares of Rs 10 each at a premium of Rs 180 per share. The issue was oversubscribed. All the shares were taken up.
- 23,000 Bonus shares allotted in prop. 1:1 on 19.2.1992. Equity share subdivision on 13.3.1992. 3,90,000 No. of equity shares then allotted at par to TDICI in conversion of loan.
- The Company received necessary permissions from Government and Reserve Bank of India for making investment of US $ 200,000 in the shares of Mastek Software Incorporated of USA and $4,20,000 in shares of Mastek Asia Pacific Pvt. Ltd. of Singapore.
- With the investments the Company would make Mastek Software Incorporated U.S.A., its wholly owned subsidiary and would acquire 70% stake in Mastek Asia Pacific Pvt. Ltd. Singapore.
- A MOU was signed with a local partner in U.K. to form an exclusive front end company to represent Mastek in U.K.
- The Company proposed to introduce an employee Stock Option Scheme (ESOS) for the benefit of the employees subject to the approval of the shareholders of the Company.
- The company proposed to issue upto 20,000 - 12% fully convertible debentures of Rs 100 each to the employees of the Company who were on the payroll as on 31st March, 1993.
- These debentures would be converted into 10 No. of equity shares of Rs 10 each at par or 5 equity shares of Rs 10 each at a premium of Rs 10 per share after 18 months from the date of allotment of the debentures. Only 12,339 debentures were allotted. Accordingly, 56,640 No. of equity shares allotted during 1994-95.
- The main objects of the public issue of equity shares during December, were to Finance (i) establishment of software development centres in Mumbai and Chennai; (ii) enhancement of facilities of the existing unit at Seepz; (iii) investment in three proposed joint ventures abroad and (iv) augmentation of long term resources for working capital.
- The Company introduced software package `PICADUR' for stock brokers which received good response.
- The Company launched "XCALIBUR", a windows based share trading and accounting software.
- The Company formed a strategic alliance with BSES Telecom to provide total IT solutions to the power and utility sectors in India.
- 14.25.% cumulative redeemable pref. shares issued.
- 3,00,000-14.25% and 2,70,000-15% pref. shares issued. These shares to be redeemed by 99-2000 & 2000-2001 respectively.
- BSES Telecom Ltd., a 100 per cent subsidiary of BSES Ltd., and Mastek have joined hands to provide Information Technology driven management oriented solutions for power utilities sector through Utility Software Development Group which the two companies have decided a constitute.
- Mastek has been among the few companies to focus on software products. It has since realigned its business and is offering customer specific solutions. It is the first company to be certified with ISO 9000 for its domestic operations and offices.
- The company has recently entered into an alliance with BSES Telecom to provide IT solutions to the power industry based on its enterprise resource planning (ERP) software called "mamis." It has introduced newer products, namely "PICA-DOR," "LAPS," "JAAL" and "FRONTIER."
- The Mumbai-based Mastek Ltd and the US-based Computer Associates (CA), have chalked out a three-phased strategy to out-market Sybase and Informix in the country with CA's Ingres Relational Database Management System (RDBMS).
- The company set up a wholly owned subsidiary in Germany i.e. Mastek GmbH. It also set up a branch in Japan.
- 5,00,000 Pref. Shares issued during the year. 2,72,750 Pref. Shares redeemed.
- Mastek is unique because it was the only software company to rely on the `product development' strategy to capture a significant chunk of the domestic market.
- Mastek has wholly-owned subsidiaries in five countries: Majesco Software Inc, USA, Mastek UK Ltd, Mastek Germany GmbH, Mastek Software Sdn. Bhd, Malaysia and Mastek Asia Pacific Pte Ltd in Singapore.
- The Company has entered into a partnership with US-based Vignette, a leading supplier of e-business applications, for building on-line businesses.
- Indian software firm Mastek Ltd. is preparing for its American Depository Receipts issue.
- The Board of directors of Mastek Ltd, has proposed a stock split in the ratio of two shares for every one share held, thereby reducing the par value of the share from Rs 10 to Rs 5. - Mastek Ltd has entered into an alliance with BroadVision Inc. of the US to build e-business applications.
-Mastek Ltd has informs that Mr. S D Kulkarni is appointed as an Additional Director of the company.
-alloted 34,789 equity shares under ESOP to the employees of the company and its subsidiaries,
-Company has been awarded a 10 year contract by BT's System Integration arm, Syntegra for an initial £27 million as part of the National Programme for IT within the UK's National Health Service
-Mastek Ltd has informed that Mastek (UK) Ltd, a subsidiary of the Company, has been awarded an order for approximately GBP 4 million by one of the leading Health Care Insurance Companies in the UK.
-Mastek Ltd has informed that they have received intimation from Citigroup Global Markets (M) Pvt. Ltd. of having acquired 20,000 shares amounting to 5.06% of the total paid up capital of Mastek Ltd.
-Mastek Ltd has informed that the Board of Directors of the Company at its meeting held on October 12, 2006, after the conclusion of the Annual General Meeting, the Board of Directors appointed Mr. Diwan Arun Nanda as an Independent Director of the Company.
-Mastek has given the Bonus in the Ratio of 1:1
- Mastek Ltd has announced that the Company has been ranked 11th amongst the leaders of Global Outsourcing 100 Companies by the International Association of Outsourcing Professionals.
- Mastek Ltd has bought Systems Task Group (STG) International a provider of enterprise solutions for the property and casualty (P&C) insurance industry in an all-cash consideration of $29 million (Rs 116 crore).
- Mastek Ltd has informed BSE regarding a Press Release dated April 15, 2009 titled "Mastek's US subsidiary joins hands with Flexi Software to expand its best-of-breed
insurance technology offerings".
- Mastek, a high-end IT solutions player, announced that its STG Billing Solution for property and casualty (P&C) insurers has been ranked as a market leader by an analyst firm Celent.
- Mastek launches ElixirAsia for India and Asia Pacific Market.
- Mastek launches STG Electronic Bill Payment and Presentment .
- Mastek launches Elixir Distribution Management in India and US.
- Mastek Acquires Kognitio Data Migration Offering.
- Mastek - Mastek acquires the assets of SEG Software, LLC.
- Mastek Ltd has informed BSE regarding a Press Release dated October 27, 2010 titled "Social Justice Department, Maharashtra introduces 'e-Scholarship' solution to transform scholarship programme in the State".
- Mastek - First customer win in USA for ElixirTM Distribution
- Mastek - Mastek UK Ltd, signs a Multi-Year Framework Agreement.
- Mastek - MajescoMastek Announces Elixir North America Policy.
- Mastek wins contract worth Rs. 59 crore.
- Mastek - Wawanesa Life signs with Mastek in North America for its Policy Administration System.
- Mastek’s US subsidiary signs $30 mn licensing contract.
- Mastek - COUNTRY Financial Selects MajescoMastek's STG Billing to Replace Legacy System and Streamline Billing Processes.
- Mastek - Mastek enhances Morrisons' date management strategy.
2013 -Mastek is ranked 67th in the Leader category in the "The 2013 Global Outsourcing 100® service providers". -Mastek’s Elixir Distribution Management(EDM) solution received the Celent’s XCelent Service Award.
2014 -Mastek is ranked 71st in "The 2014 Global Outsourcing 100® and The World’s Best Outsourcing Advisors". -"MajescoMasteks STG Policy Named XCelent Award Winner".
2015 -Majesco Positioned as a 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 the Acquisition of IndigoBlue.
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