MajescoMastek has acquired Vector Insurance Services L.L.C. for $4.5 million in cash.

MajescoMastek could pay the current owners of Vector, Indianapolis, more money in 2008 and 2009 if the business does well, according to MajescoMastek, Edison, N.J., a unit of Mastek Ltd., Mumbai, India.

Mastek is a large, publicly traded information technology company.

Vector sells policy acquisition, administration and processing products and services to companies in the North American life and annuity markets, MajescoMastek says.

Vector has about 25 employees.

The current managers of Vector will stay, and the firm will operate from Indianapolis as VectorMastek, MajescoMastek says.