IT major, Mastek, is looking at acquisitions in the insurance vertical with a deal size of USD 20-30 million, a top company official said.

"We are looking at acquisitions and the deal size could be in the range of USD 20-30 million. Our focus will be on the insurance vertical,'' Mastek Founder and Board Member, Mr R Sundar told reporters here on Wednesday.

He, however, did not divulge any other details. "In the past also, we have acquired companies and most of our acquisitions were for market access and IP,'' he said. The company is targeting a growth rate of 40-45 per cent from its insurance vertical ov er a period of three years.

"At present, the insurance sector contributes around 30-32 per cent to our overall business. We expect that in the next three years insurance will contribute around 40-45 per cent to our revenue,'' Mastek Chairman and Managing Director, Mr Sudhakar Ram s aid.

Mastek is also eyeing to increase its business contribution from Asia from 6 per cent now to 20 per cent in a period of next five years, Ram said. The company today launched ElixirAsia, a platform for life insurance carriers that would enable insurers t o go live with their business in three months.