MajescoMastek, a subsidiary of Mumbai based, Mastek, has announced that it has received a contract worth $30 million for modernising the billing and payments platform of a fortune 100 insurance and financial services company.

Under the deal, Mastek will upgrade the client's enterprise billing and payments platform for all the insurance and financial products.

Without naming the client, Mastek said that the company is one of the leading player in North America insurance and financial sector. "MajescoMastek cannot divulge the identity of the client," it said. It also said that the client is undertaking a multi-year transformation engagement to streamline its internal operations.

MajescoMastek was awarded the contract after extensive due-diligence including evaluation of STG Billing for end-user business, internal operational and technology vision. STG Billing is a leading billing system in the North America P&C market. It allows insurance providers to meet their requirements and also allows easy functionality and configurability to the clients.

"MajescoMastek's STG Billing solution is one of the key components of the enriched services that has been envisioned to support customer needs and drive business growth," Mastek said in a filing with the stock exchanges today.