MajescoMastek, a US-based subsidiary of the technology solutions provider, Mastek Ltd, today announced that it had secured a $30 million contract for modernising the billing and payments platform of a client.

Without identifying the client, Mastek said that it was one of the leading companies in the insurance and financial industry in North America.

“MajescoMastek cannot divulge the identity of the client,” it said. However, Mastek has carried on its Web site a press release issued on Tuesday by a company called US Assure (formerly, Zurich Insurance Services).

The client is in the process of streamlining its internal operations. “MajescoMastek's STG Billing solution is one of the key components of the enriched services that has been envisioned to support customer needs and drive business growth,” BSE and NSE listed Mastek told the stock exchanges today.

The announcement says that the product, STG Billing, supports all insurance lines.

Mastek follows July-June financial year. In 2010-11, the company achieved a turnover of Rs 614 crore, on which it made a net loss of Rs 56 crore. The loss was attributed to “subdued demand for discretionary spends and transformational initiatives by clients” and “a client ramp down during the year as well as above normal wage hikes to retain employees impacted the margins.” But the company had begun the current financial year with an order backlog of Rs 309 crore.

On the BSE today, the Mastek share, of face value of Rs 5, saw a surge. It is currently trading at Rs 107, up 6.85 per cent.

mramesh@thehindu.co.in

ryn@thehindu.co.in

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