Mumbai: IT solutions vendor Mastek Ltd has bought Systems Task Group (STG) International a provider of enterprise solutions for the property and casualty (P&C) insurance industry in an all-cash consideration of $29 million (Rs 116 crore). The take over will enable Mastek, which has a strong presence in the life and annuity segment of the insurance business, to gain a foothold in the P&C insurance space. As per Celent Research, IT spending by P&C insurers is expected to cross $20 billion by 2010 from $16 billion in 2007. STG''s contribution will be reflected in Mastek''s consolidated performance partly in fiscal 2007-08 and fully in fiscal 2008-09.
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