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|November 21, 1998||
Mastech Corporation acquires IMISA staff writer in Bombay
Mastech Corporation, a leading worldwide provider of information technology services, has acquired IMIS Inc, a business and IT consulting company based in San Francisco.
The acquisition was by way of cash for stock and would be accounted for as a purchase and is expected to accrete to future earnings.
Commenting on the implications of this acquisition on Mascot Systems Private Limited, a 100 per cent subsidiary of Mastech Corporation, USA, S Shekar, managing director, Mascot Systems, said, "This move will now enable our clients to benefit from not only our consulting expertise but also from our business expertise. Additional services like high-level project management and business analysis consultancy have positioned us extremely well in the market segment for IT Services which is projected to be over $21 billion in size by 2001."
Sunil Wadhwani, Mastech's co-founder and CEO, added that "Given the rapid changes occurring in the financial services industry, IMIS consulting and business analysis skills will benefit Mastech's customers from both the enhanced suite of services as well as the global capability made possible by the combination."
"Mastech's extensive infrastructure support systems will enable us to jointly offer more value-added services to our clients. This move brings together valuable and highly successful methodologies and resources enhancing our ability to sell and recruit internationally," said IMIS CEO John Buckner.
Mascot Systems Private Limited was established in June 1994. Within three years Mascot Systems has become one of the leaders in providing software solutions in areas of Internet/intranet solutions, client-server application development, Year 2000 solutions and conversions and migrations, on a time and materials or fixed time/fixed price basis, with offshore delivery options.
The company caters to a wide range of industries including telecommunications, pharmaceuticals, giant departmental stores and large integrators.
With one of its core values being upgradation of technology Mascot Systems is poised to emerge as one of India's leading software developers this industry.
Mastech Corporation, the parent company of Mascot, was founded in 1986.
Mastech is a worldwide provider of high-value information technology services and solutions to large and medium sized companies.
Mastech's revenues have grown at an average rate of nearly 60 per cent per year over the last five years.
Mastech delivers its services to over 500 clients through offices in the US, Canada, the United Kingdom, Singapore, Japan, Australia, the Netherlands and India.
With over 4,000 staffers, Mastech achieved 1997 revenues of $196 million.
IMIS provides the financial industry with high-level project management and business analysis consulting services.
IMIS services a diversified base of clients including NationsBank, Wachovia, Wells Fargo and Bank Boston.
Aany government would have given us
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