Bengaluru-based Mphasis Ltd is a multinational provider of consulting and IT services in India. The business offers architecture consulting, application development and integration, and application management services in addition to outsourcing services for infrastructure technology and applications. It supports the communications, logistics, financial services, and technology sectors. Mphasis was placed #189 overall and #7 among Indian IT businesses in 2019’s Fortune India 500. Hewlett Packard Enterprise sold Blackstone Group LP the bulk of its ownership in Mphasis in April 2016 for about US$1 billion.
Formation and early years
MPHASIS – HISTORY
Bengaluru-based Mphasis Ltd is a multinational provider of consulting and IT services in India. The business offers architecture consulting, application development and integration, and application management services in addition to outsourcing services for infrastructure technology and applications. It supports the communications, logistics, financial services, and technology sectors. Mphasis was placed #189 overall and #7 among Indian IT businesses in 2019’s Fortune India 500. Hewlett Packard Enterprise sold Blackstone Group LP the bulk of its ownership in Mphasis in April 2016 for about US$1 billion.
Formation and early years
Jerry Rao and Jeroen Tas’ 1998 Santa Monica-based IT consulting firm Mphasis Corporation and the Indian IT services provider BFL Software Ltd merged to establish Mphasis in June 2000. (founded in 1992).
For $380 million in June 2006, Electronic Data Systems (EDS) acquired a 42% controlling stake in the business, allowing it to operate as a separate EDS division.
As a Hewlett-Packard company
Hewlett-Packard announced on May 13 that it has struck an agreement to buy Electronic Data Systems for $13.9 billion. The transaction was finished on August 26, 2008.
Once HP retired the EDS Brand to become “HP Enterprise Services,” Mphasis altered its brand identification in September 2009 by eliminating the EDS affiliation to become “Mphasis, an HP Business.” Mphasis continued to be listed on Indian markets as “Mphasis Limited” and functioned as a separate HP company with its own board. Almost 62% of Mphasis was owned by HP, and the company received about 50% of its income from HP.
Mphasis became the sixth Indian IT business to reach $1 billion in sales and reported consolidated revenue of Rs 50.37 billion ($1,099.3 million) for the year ending October 31, 2010.
Mphasis updated its brand name and logo to Mphasis Unleash the Future in February 2014 in an effort to gain business from sources other than its main client, parent company Hewlett-Packard.
Mphasis announced the signing of a legally binding contract to transfer a major piece of its domestic company to Hinduja Global Solutions on June 30, 2015. (HGS). On July 10, 2015, Mphasis announced that as part of a contract to partially sell its domestic outsourcing company to Karvy, it will transfer 2,000 personnel to KDMSL (Karvy Data Management Services Ltd.).
Under Blackstone Group
Tech Mahindra, Apollo Global Management, and Blackstone Group all entered the bidding war to purchase Mphasis in 2016, after Hewlett-Packard announced plans to sell its controlling shares in the company. Prior to deciding to withdraw in order to prevent a bidding battle with other corporations, Tech Mahindra had emerged as the frontrunner. In a deal worth between $1825 million and $2.32 billion, Blackstone acquired 84 percent of Hewlett-investment Packard’s in Mphasis in April 2016.
Nitin Rakesh began working as the chief executive officer and director of Mphasis on January 29, 2017. Mphasis Board launched a buyback offer for its shareholders on August 7th, 2018 at a premium of around 17.4%.
Tech Mahindra, Apollo Global Management, and Blackstone Group all entered the bidding war to purchase Mphasis in 2016, after Hewlett-Packard announced plans to sell its controlling shares in the company. Prior to deciding to withdraw in order to prevent a bidding battle with other corporations, Tech Mahindra had emerged as the frontrunner. In a deal worth between $1825 million and $2.32 billion, Blackstone acquired 84 percent of Hewlett-investment Packard’s in Mphasis in April 2016.
Nitin Rakesh began working as the chief executive officer and director of Mphasis on January 29, 2017. Mphasis Board launched a buyback offer for its shareholders on August 7th, 2018 at a premium of around 17.4%.
