Mastek arm forms JV with US firm

MUMBAI: Mastek group, an IT services provider, said its U.S arm Majesco Software has formed a joint venture with Carreker Corp to offer business processing and IT services from offshore locations like India.

It said in a statement released after market hours that Nasdaq-listed Carreker will hold 51 percent and Majesco 49 percent of the new company to be called Carretek LLC. Carreker, that focuses on the financial services industry, has over 250 clients around the world, including 75 of the largest 100 banks in the United States, it said.

The statement said the joint venture will draw from Carreker's expertise in banks' payment systems and allied processes to argue the case for moving some of those work to cost-efficient offshore locations. Carretek hopes to reduce banks' net costs for selected outsourced payment processes by 35-40 percent by getting them done in Mumbai.

© Reuters