Mastek Ltd on Monday announced the acquisition of Vector Insurance Services LLC (Vector), a technology solutions provider and third party administrator that focuses on the North American life & annuity insurance industry for $ 10 million.

In effect, the Company will be acquiring a 90 percent equity stake in Vector in an all-cash transaction for $ 4.5 million payable at closing and a similar amount payable over the next 2 years as earn-out based on business performance. Following this transaction, Vector will operate as VectorMastek.

The acquisition is funded through internal accruals and the integration process to be completed by August ’07, the company said.  
  
So much so, the integration of VectorMastek with the company's existing operations is expected to be completed in about 30 days. Vector has already built a loyal customer base in the region.