This BSE 500 company is trending in a volatile market
This is why Mastek is trending on July 19.
Mastek is an enterprise digital and cloud transformation specialist that brings excellence to customers across 40 countries, including the UK, Europe, US, Middle East, Asia Pacific and India.
In a press release on July 18 2022, Mastek announced that the company’s wholly owned first-level step-down subsidiary i.e. Mastek Inc has approved to sign the definitive agreement to acquire the 100% Membership Interest of Metasoftech Solutions LLC. The transaction will be completed, subject to satisfactory fulfilment and accomplishment of certain conditions precedent, completion of customary agreements, and corporate and regulatory approvals under applicable laws.
Metasoftech Solutions LLC (MST USA) – is based in Chandler, AZ, USA, and is an independent Salesforce consulting partner in the American Southwest region. MST USA is a trusted partner to several Fortune 1000 and large enterprise clients. The company has a significant presence in the Healthcare, Public Sector, and Manufacturing Industry verticals. The entire business is to be acquired by Wholly Owned First Level Step-down Subsidiary Mastek Inc. MST USA has an aggregate workforce of more than 320 employees including on-shore and off-shore employees of 100% subsidiary based out of India. For the Financial Year ended December 31, 2021, the turnover revenue of the company was USD 24.6 million.
This acquisition will reinforce the value Mastek delivers to its customers and adds value to its journey to Decomplex Digital. This acquisition is expected to increase its market share in existing accounts across industries in the United States and provide the groundwork to scale its Digital Transformation business globally. This is to be completed by August 31, 2022.
While domestic equity bourses are trading flat on Tuesday, at 12:36 am, the shares of the company are up by 18.2_ points or 0.92_% and the scrip is trading at Rs 1988.15.
About the Author
DisclaimerInvestment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
Start Investing Now!
Open Free Demat Account in 5 mins