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    523704   INE759A01021

MASTEK LIMITED

(523704)
  Report
End-of-day quote Bombay Stock Exchange  -  2022-09-27
1710.15 INR   +0.11%
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Mastek Signs Agreement to Acquire MST Solutions to Address Digital Transformation Opportunities in Growing Salesforce Ecosystem

07/19/2022 | 04:00am EDT

READING, England, July 19, 2022 (GLOBE NEWSWIRE) -- Mastek, a turnkey & trusted Digital Engineering and Cloud Transformation provider, today announced the signing of a definitive agreement to acquire MST Solutions.

MST Solutions is based in Chandler, AZ, and is an independent Salesforce consulting partner in the Americas region. MST is a trusted partner to several Fortune 1000 and large enterprise clients. MST has built a strong reputation for themselves, especially in the Healthcare, Public Sector and Manufacturing Industry verticals.

"Mastek's Business Outcomes and Industry First DNA paired with MST's Salesforce-led innovation capabilities will only strengthen the value we will deliver to our customers and help them in their journey to Decomplex Digital. This acquisition is expected to significantly increase our market share in existing accounts across industries in the Americas and provide a foundation to scale our Digital Transformation business globally," shared Hiral Chandrana, Global CEO, Mastek.

"We're thrilled to join the Mastek family. We share a strong cultural alignment and a deep commitment to the growth and experience of our colleagues. Partnering with Mastek is the right choice for us to expand into a global market with a continued focus on delivering outcomes for our customers. By combining our decade of experience in the Salesforce ecosystem across multiple clouds with Mastek's global scale, we'll be able to deliver value across a wide range of integrated service offerings," said Thiru Thangarathinam, Founder and CEO, MST Solutions.

"Our partner ecosystem is a key growth driver of the Salesforce Economy," said Tyler Prince, Executive Vice President, Worldwide Alliances & Channels, Salesforce. "The combined power of Mastek and MST Solutions will help companies drive their digital transformations and connect with their customers in this new digital economy."

"Mastek has built a Build-Buy-Partner strategic vision for Digital & Cloud services and Salesforce is identified as a growth opportunity. MST brings in all the right attributes with deep expertise in Salesforce clouds to help us achieve this strategy and provide differentiated industry solutions," shared Raman Sapra, President and Global Chief Growth Officer for Mastek.     

Salesforce and others are among the trademarks of salesforce.com, inc.

About Mastek:

Mastek is a turnkey & trusted Digital Engineering & Cloud Transformation partner that delivers Innovative Solutions and Business Outcomes for clients in Healthcare & Life Sciences, Retail, Manufacturing, Financial Services, Government/Public Sector, etc. We enable customer success and business change programs by partnering with enterprises to unlock the power of data, modernize applications to the cloud, and accelerate digital advantage for all stakeholders. Customers Trust Mastek to deliver Business Value with Velocity, and we operate in 40+ countries, including the U.K., the Americas, Europe, the Middle East, and APAC, with ~5000 employees. We are in the business of de-complexing Digital and making our clients future-ready with an industry-first approach. Evosys, a Mastek company, is an Oracle Partner and a leading Oracle Cloud implementation and consultancy provider and has executed programs for 1,300+ Oracle Cloud clients. For more details, please visit our website www.mastek.com.

Acknowledgments: E&Y served as exclusive financial advisor to Mastek, and Honigman LLP and Khaitan & Co. served as legal counsel.

About MST Solutions:

Founded in 2012, MST Solutions is the largest independent Salesforce consulting partner in the American Southwest region. With Summit-level status in the Salesforce ecosystem and a 5 out of 5 Customer Satisfaction score, they're service experts who take service to a whole new level. Through the framework of a proven effective Roadmap to Results, their team of Salesforce architects, developers, project managers, and administrators add their expertise to your team to craft agile, innovative solutions that answer your organization's operational challenges today and grow as you grow. For more details, please visit our website www.mstsolutions.com.

Acknowledgments: Canaccord Genuity served as exclusive financial advisor to MST Solutions, and Weiss Brown served as legal counsel.

Press Contact:

Mastek: Kashmira Chavan | kashmira.chavan@mastek.com

MST Solutions: Emma Dicker | emma@mstsolutions.com 

This content was issued through the press release distribution service at Newswire.com.


© OMX, source GlobeNewswire - EU Press Releases

Stocks mentioned in the article
ChangeLast1st jan.
MASTEK LIMITED 0.11% 1710.15 End-of-day quote.-43.33%
SALESFORCE.COM, INC. 0.86% 150.17 Delayed Quote.-40.91%
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09/14Mastek Limited Declares Final Dividend
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Financials
Sales 2023 25 190 M 308 M 308 M
Net income 2023 3 332 M 40,8 M 40,8 M
Net Debt 2023 - - -
P/E ratio 2023 15,3x
Yield 2023 1,25%
Capitalization 51 432 M 629 M 629 M
Capi. / Sales 2023 2,04x
Capi. / Sales 2024 1,74x
Nbr of Employees 4 977
Free-Float 42,6%
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Mean consensus OUTPERFORM
Number of Analysts 3
Last Close Price 1 710,15 INR
Average target price 2 370,00 INR
Spread / Average Target 38,6%
EPS Revisions
Managers and Directors
Hiral Chandrana Global Chief Executive Officer
Arun Agarwal Vice President-Finance
Srinivasan Sandilya Non-Executive Chairman
Narottam Sharma Group Chief Information Officer
Ritwik Batabyal Chief Technology & Innovation Officer
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