Indianapolis-based Vector Insurance Services LLC has been acquired by MajescoMastek of Edison, N.J., for an undisclosed price.
Vector, led by founder and CEO Harold Apple, has 30 employees providing policy acquisition, administration, and processing to customers in the North American life insurance industry. MajescoMastek is the U.S. subsidiary of Mastek, a technology giant headquartered in Mumbai, India.
Apple said he will remain with the company for a couple of years, but doesn’t know the full extent of MajescoMastek’s plans. “No cutbacks, probably expansion,” he said.
Although Vector counts Transamerica Reinsurance, London Life and other large companies as customers, Vector needed to grow fast for six to seven years to be taken seriously by other potential customers, Apple said. MajescoMastek, which contacted Apple about two months ago, has plenty of money for growth, he said.