Software services firm Mastek Ltd is looking at an overseas acquisition of around $20-30 million during the current financial year, a senior official said on Wednesday.
"We are mainly looking at the U.S. and the UK and it will be insurance or government vertical," Group CFO and Director (Finance), R.S. Desikan told reporters, referring to firms which have expertise in handling government jobs and insurance sector.
In March, the company paid $29 million to acquire U.S.-based STG International, which offers business software services to the property and casualty insurance companies in North America.
The insurance vertical currently contributes a quarter to the Mastek's total revenues and this share is expected to reach 40-45 percent in the next 2-3 years, he said.
Mastek shares ended 1.25 percent down at 392.60 rupees in the Mumbai market.
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