Software services provider Mastek is scouting for acquisitions worth $10-$30 million in insurance vertical, its chief financial officer said on Tuesday.

Insuarance business accounts for 44-45 percent of Mastek's overall revenue.

"We see definite signs of growing at closer to industry rates next year," Farid Kazani told Reuters on the sidelines of a NASSCOM event.

The company has been posting losses for the past three quarters in a row, largely on weakness in Europe.