Mastek, a Mumbai-based IT services firm, has acquired Vector Insurance Services (Vector) - a US-based technology solutions provider and third party administrator that focuses on the North American life & annuity insurance industry.
According to a release issued by Mastek to the BSE today, MajescoMastek, the company's wholly-owned US subsidiary, will hold 90% stake in Vector. Vector will operate as VectorMastek.
The consideration for the acquisition will be paid partly in cash ($4.5 million) and partly by way of future cash earn outs ($4.5 million) over two years, the release added.
(Source: Business Standard )
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