Mastech Digital Announces New Deals Worth $23 Million Signed in December 2019
PITTSBURGH, Pennsylvania, Feb. 12, 2020 /PRNewswire/ -- Mastech Digital (NYSE American: MHH), a leading provider of Digital Transformation IT Services, announced today that its Data and Analytics business, branded as Mastech InfoTrellis, signed orders worth $23 million during the month of December 2019.
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Such a large value of bookings in one month is unprecedented for the Company. These new orders have been received from blue-chip customers in the financial services, pharma, and healthcare verticals. Most of the order value has come from two large Center of Excellence ('COE') assignments, which are multi-year annuity engagements. These bookings are not only a strong leading indicator of future revenue growth but also should help mitigate some of the lumpiness in our quarterly results from the data and analytics business.
Commenting on these large wins, Vivek Gupta, President and CEO, Mastech Digital, said, "Considering that Mastech InfoTrellis delivered annual revenues of $24 million just a year ago, these large orders are a testament to the yeoman efforts from Paul Burton and his team during 2019. With significant enhancements to our service offerings, a vastly improved backlog of work on hand and a robust pipeline driven by an energized sales engine, the future looks very promising for our data and analytics business."
Commenting on the transformation of the business unit, Mastech Infotrellis's Chief Executive, Paul Burton, said, "I am excited to see the results of all the hard work put in by the team since I came on board a year ago. Our Center of Excellence service offering has gained traction with our clients and has positioned us as a strong long-term partner for all their data & analytics needs. These COE engagements also give us a more predictable annuity-based revenue stream. The deals signed in December are just the beginning. There are more multi-million, multi-year COE deals in the pipeline."
About Mastech Digital
Mastech Digital (NYSE American: MHH) is a leading provider of Digital Transformation IT Services. The Company offers Data Management and Analytics Solutions, Digital Learning, and IT Staffing Services with a Digital First approach. A minority-owned enterprise, Mastech Digital is headquartered in Pittsburgh, PA with offices across the U.S., Canada, and India. For more information, visit www.mastechdigital.com.
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SOURCE Mastech Digital, Inc.
