IT solutions company Mastek, that has been largely focusing on the US and UK markets, said it will tap Western European and Asia Pacific next year. The company will be initially targeting these markets with its insurance and government solutions.
Sudhakar Ram, chairman & managing director, Mastek, said, ?We will be targeting the western European market for our insurance and government solutions by the next fiscal.?
The company is also focusing on the government vertical in India. RS Desikan, group CFO & director finance, said, ?Currently, our revenues from India are just 2% and we will take it up to 4% in this year. We are already in talks with many of the state governments for the e-governance projects.? He added that the South East Asian market is important for the company to train its employees on live projects.
The company is also looking at diversifying into a new vertical by way of an acquisition. It also plans to ramp up its healthcare and wealth management solutions by next fiscal. Ram added, ?The last acquisition we did was for about $35 million. We expect to acquire a company for about a similar amount by next year in the US or UK.?
Commenting on the current economic uncertainties, Ram said, ?We are quite bullish for the coming year as we see transformation programmes coming up from the US and UK markets.?
The company recorded an expanded order book to Rs 453 crore for the quarter ended June 30, 2008.