Mastek Ltd.

Mastek has received approval from board of directors to sign definitive agreement i.e. Business Sale agreement for the slump purchase of the identified assets and liabilities including the business of BizAnalytica Solutions, an Indian entity and India affiliate of BizAnalytica LLC USA.

BizAnalytica Solutions LLP is an offshore service provider and is mainly engaged in the data cloud and modernisation related support/manpower services. The slump purchase including all Identified Assets and Liabilities to be bought for a consideration of around Rs 10.50 crore (equivalent to $1.28 million), subject to satisfactory fulfillment and accomplishment of certain conditions precedent, completion of customary agreements, corporate and regulatory approvals under applicable laws in terms of Business Sale Agreement. The indicative time period for completion of the acquisition is expected to be, on or before September 30, 2023, or within extended time as may be agreed mutually. The Board of Directors, at their meeting held on July 19, 2023, has approved the same. 

Mastek together with its subsidiaries, provides enterprise technology solutions and platforms for insurance, government, and financial services organizations worldwide.