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Deloitte Consulting and Mastek form Global Joint Venture to provide Software Services and Solutions

Added: (Tue Jul 24 2001)

Pressbox (Press Release) - Leading Indian Software Developer and Global Consulting Firm Will Collaborate on Applications Development and Consulting Services

Mumbai – (July 18, 2001) – Mastek Limited (Mastek Ltd.- called Majesco Inc.* in USA) announced today a joint venture (JV) with Deloitte Consulting that will offer India-based software services in areas such as application development, systems implementation/integration, and Information Technology outsourcing services. The JV is a strategic move by Deloitte Consulting that will allow the firm to offer its clients around the world custom software development that is faster, more economical, and of very high quality.

Deloitte Consulting is one of the world's leading consulting firms, providing services in all aspects of enterprise transformation, from strategy and processes to information technology and human resources. Based in Mumbai , India, and listed on the Bombay Stock Exchange, Mastek Ltd. develops and markets software, and offers system integration services and solutions in areas such as e-Business, CRM, and enterprise applications. The JV with Mastek is the first offshore delivery relationship of its kind ever undertaken by Deloitte Consulting. It will be based in Mumbai, India and will officially launch its operation in July 2001.

“We are greatly excited by the opportunities likely to open up with this joint venture,” said Ashank Desai, Chairman and Managing Director of Mastek. ”Alliances and partnerships are a critical component of Mastek’s vision of ‘moving up the value chain’ and an important strategy for future growth. This alliance unites Mastek’s world-class software delivery capabilities and service values with Deloitte Consulting’s deep domain expertise in customer businesses and breadth of global services. We are proud to have structured a joint venture with Deloitte Consulting, one of the premier consulting firms in the World; and also for being a pioneer in India in forging this type of an alliance.“

It is anticipated that the JV will leverage complementary capabilities of both firms to deliver exceptional value to its clients. While Mastek will contribute delivery, operations and infrastructure support, Deloitte Consulting will contribute its project management expertise, functional knowledge and worldwide client relationships. The JV’s services will be delivered as part of the broader Deloitte Consulting services to its global clients across the financial services, telecommunications, manufacturing, consumer business, energy, health care, and public sector industry sectors.

“Deloitte Consulting is always striving to raise the bar of client service – by adding this joint venture with Mastek to our suite of services, we hope to offer a unique value proposition to our clients,” said Stephen Sprinkle, Chairman of the JV and Global Director of Strategy, Innovation, & Eminence for Deloitte Consulting. “ We are excited about teaming with Mastek and look forward to using the offshore joint venture to serve our clients globally.”

Mastek and Deloitte Consulting will have equivalent ownership of the JV, while the board of the joint venture company will consist of senior principals from Deloitte Consulting and founder–directors of Mastek. One of the Deloitte Consulting principals on the JV board, Raj Joshi, will be the CEO of the JV. Also, to strengthen this relationship, Mastek intends to invite the CEO of the JV to join the Mastek board.

Deloitte Consulting was interested in working with Mastek for several reasons, primarily its world-class reputation for the quality of the work of its professionals. In September 2000, Mastek became the world’s first IT services company to be assessed at P-CMM (People Capability Maturity Model) level 3 , from Carnegie Mellon University’s Software Engineering Institute (SEI). A few weeks later , the company was assessed at SEI-CMM Level 5, and became the only company in the world to have achieved both of these assessments. Deloitte Consulting and Mastek also worked together on several major client engagements before forming this joint venture.
About Mastek Limited
Mastek Limited is a Rs. 261 crores (US $56 million) publicly held, global IT solutions company. Mastek is the only company in the world to be assessed at SEI-CMM Level 5 and P-CMM Level 3, and employs over 1,200 people worldwide. Established in 1982, Mastek is today providing software solutions to dozens of Fortune 1000 companies.

Mastek follows a unique subsidiary business model that facilitates ‘customer intimacy’ with a multinational executive board that drives its short and medium term global business strategy. Headquartered in Mumbai , India, the company has wholly owned subsidiaries in USA, UK, Singapore, Malaysia, Germany, plus an office in Japan, which cater to the needs of specific regions. For more information on Mastek & Majesco , visit www.mastek.com .

* Majesco Software, Inc., of Irving, Texas is a wholly owned subsidiary of Mastek.

About Deloitte Consulting
Deloitte Consulting is one of the world's leading consulting firms, providing services in all aspects of enterprise transformation, from strategy and processes to information technology and human resources. The firm’s professionals help clients, from new economy start-ups to Fortune 1000 global organizations, to create, reinvent and defend their business models by guiding them through the complexities of the evolving digital economy. Deloitte Consulting is part of Deloitte Touche Tohmatsu, one of the world's leading professional services firms, providing world-class consulting, assurance and advisory, and tax services through nearly 90,000 people in over 130 countries to nearly one-fifth of the world's largest companies, public institutions and successful fast-growing companies. For more information about Deloitte Consulting, visit www.dc.com.

"Deloitte Consulting," and the "Deloitte Consulting logo,” are trademarks or registered trademarks of Deloitte Consulting. "Mastek,” “Mastek Ltd,”, “Mastek Limited” “Majesco “ & “Majesco Inc.” are trade names of Mastek Limited. All other product and company names and marks mentioned in this document are the property of their respective owners and are mentioned for identification purposes only.

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