MajescoMastek Acquires Insurance-Solutions Provider Vector

MajescoMastek, an IT solutions player with global operations providing new technology and IP-led enterprise solutions to insurance, has announced the acquisition of Vector Insurance Services, a technology solutions provider and third-party administrator that focuses on the North American life and annuity industry.

Vector provides policy acquisition, administration, and processing solutions to customers in the North American life insurance industry. The company has more than 25 employees with expertise in the insurance space. MajescoMastek's scale of operations and IP-led capabilities, combined with Vector's client track record and presence in the U.S. insurance space, are expected to enable significant leverage across multiple points in the value chain. Following this transaction, Vector Insurance Services will operate as VectorMastek.

"This acquisition reinforces our solutions-driven offerings in the high-opportunity U.S. insurance market, adding to our existing competencies," says William McCarter, president of Mastek's U.S. operations. "Vector fits very well with our overall strategy to be a leader in providing end-to-end IT solutions within the insurance vertical. Our companies share many synergies in domain expertise, delivery capabilities, and processes that were desirable to us."