Offshore outsourcing company and IT giant Mastek is raising $40 million in order to acquire companies with intellectual property rights in the insurance and healthcare space. They are looking at companies in the range of $10-20 million with 100-200 manpower strength for acquisition. The company already offers services in the insurance and healthcare sectors. The acquisitions are expected to consolidate the company’s expertise and strengthen its presence in the domain areas. Also, the acquisitions would add to Mastek’s customer base. While the company wants to increase its revenue shares from the US and the UK, it is also looking for specific state government-led projects in the domestic market. In FY07, the company’s revenues were Rs 810 crore. It has close to 3,400 employees and has presence in the UK, Japan, South East Asia and the US. In India, the company has its offshore development centres in Mumbai and Pune, and has recently commissioned a third centre in Chennai which would employ close to 6,000 people.