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Majesco Mastek Acquires Vector Insurance Services

Vector is focused on the life and annuity insurance industry.MajescoMastek, the Edison-based U.S. subsidiary of IT services firm Mastek, today announced its acquisition of Vector Insurance Services, a technology solutions provider and third-party administrator based in Indianapolis, Ind.

Vector is focused on the life and annuity insurance industry and provides policy acquisition, administration and processing software. It has more than 25 employees with expertise in the insurance space. Following this transaction, Vector Insurance Services will operate as “VectorMastek.”

Vector provides “software as a service,” an arrangement whereby customers pay usage fees instead of purchasing programs. Gartner, a Connecticut-based IT research and advisory firm, says “software as a service” will account for 30 percent of new software deals by 2010.
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