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Our Bureau

Mumbai , Aug. 24

CARRETEK LLC, a joint venture of Majesco Software Inc, has won a three-year offshoring contract from a US-based company.

Mastek Ltd, which is the holding company of Majesco Software, disclosed neither the client's identity nor the contract value, in its notice on Tuesday to the stock exchanges.

Carretek LLC has been described as a "transformational business processing outsourcer" for transaction processing. It is jointly owned by Carretek Corporation, a provider of technology and consulting solutions for the financial services industry, and Majesco Software Inc, a subsidiary of Mastek Ltd.

The client expects to realise cost savings in the range of 40% to 50%, said the notice.

A key aspect of the agreement is the development of unique processes and technology to process transactions in near real time, to guard customer and company privacy, and to comply with regulatory deadlines for processing timeliness, it said.

The agreement, the first for Carretek, is a co-sourcing arrangement.

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