Alliance delivers accounting software and integrated solutions to insurers

Mastek, a leading IT solutions player with global operations in providing new technology and IP-led enterprise solutions to insurance, government and financial service organizations worldwide, today announced that its wholly-owned U.S. subsidiary MajescoMastek has entered into a partnership agreement with Flexi Software, a provider of best-of-breed financial accounting software, to deliver end-to-end integrated accounting solutions for insurance companies.

The alliance between N.Y.-based MajescoMastek and Flexi Software of Shelton, Conn. will benefit insurers by providing them with the best-of-breed solutions that are seamlessly integrated and supported from a single source, enabling them to operate their business more efficiently and cost effectively.

Under the agreement, MajescoMastek will expand its insurance technology suite with the addition of a seamlessly integrated accounting solution for all insurance transactions, including general ledger, accounts payable, fixed assets, purchasing and projects.

The two companies’ software solutions will be seamlessly integrated through a Service-Oriented Architecture (SOA) using web services. Insurers will have the benefit of a single entry in the STG Suite (Policy, Claims, Reinsurance and Billing) with real-time validations and updates to the financial accounting suite. CFOs will have the benefit of immediately viewing the financial impact of transactions and have the ability to drill down to the deals with a click of a mouse.

“This partnership with Flexi Software will benefit insurance carriers by providing them with proven, best-of-breed solutions that are seamlessly integrated,” said Michael J. Conway, vice president new business development for MajescoMastek. “By working with us, any integration issues will be resolved, enabling carriers to transform their operations and achieve greater efficiently and cost savings. Partnerships like this are another way in which MajescoMastek is enabling business transformation for our customers.”

“Flexi is committed to partnering with best-in-class companies to help solve important customer problems,” said Stefan R. Bothe, chief executive officer of Flexi. “By partnering with a leading company like MajescoMastek, we bring together Flexi’s strength in creating world-class financial accounting solutions with MajescoMastek’s world-class insurance solutions and insurance expertise to offer an end-to-end solution to help insurance companies operate their business more effectively.”

Said Conway: “The combined offerings from MajescoMastek and Flexi also will enable insurance customers to stay ahead of the technology curve by removing dependency on legacy systems and technology platforms, including eliminating the increased cost and general upkeep of outdated systems.”

About Flexi
Founded in 1991, Flexi develops, markets, and supports an integrated accounting software solution for companies in many industries including Banking, Insurance, and Financial Services. Flexi focuses all of its energy on developing the best accounting solutions – not numerous different types of solutions – which allows it to maintain a deep knowledge of the industry and to design solutions that truly deliver. For information, visit www.Flexi.com.

About Flexi Partnership Programs
Flexi offers the Flexi Industry Partnership (FIP) program, which provides vertical market software companies the ability to OEM Flexi’s solutions and seamlessly integrate them with their solutions through Service-Oriented Architecture (SOA) using Web Services or COM+ technology, and private label Flexi’s accounting suite under their own brand.

About Mastek
Mastek, is a Rs. 916 crore, US $227 million (FY 2008) publicly held, leading IT player with global operations providing enterprise solutions to insurance, government, and financial services organizations worldwide. With its principal offshore delivery facility based at Mumbai, India, Mastek operates across US, Europe, Japan and Asia Pacific regions. Incorporated in 1982, Mastek has been in the forefront of technology, which along with proven methodologies and processes, increase IT value generation to its customers through onsite and offshore deliveries.