Mastek, a leading Indian IT solution provider with global operation, has informed that its wholly-owned US 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.

According to the company, the alliance between NY based MajescoMastek and Flexi Software of Shelton, will benefit insurers by providing them with the best of breed solutions that can be 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 addition of a seamlessly integrated accounting solution for all insurance transaction, including general ledger, accounts payable, fixed assets, purchasing and projects.

Mastek reported net profit of Rs 33.4 crore for the third quarter ended March 31, 2009, a decline of 4.5 per cent from Rs 35 crore registered in the corresponding quarter last year.