We increase our TP to Rs 595 based on 9x (~18% discount to 5Y average) FY22E EPS plus Rs 31/sh for residual 4.7% stake in Majesco US. Mastek announced the acquisition of Evosys in a two step transaction, which involves cash payout of USD 65mn and dilution of 17.5% in Mastek Ltd. The deal is valued at EV/EBITDA of 9.2x and P/E of 11.2x based on FY19 financials and 70% economic interest. The deal is EPS accretive and will boost FY21/22E EPS by 11.8/14.1% respectively. Post the traction, Evosys promoters will hold 15% in Mastek Ltd and 30% CCPS in TAISTech, converted to equity based on targets over the next three years. This is a complex traction but involves value unlocking and diversification of revenue. Risk involves higher dependence on Oracle and multi geography footprint, which the company has not handled before.