Mphasis
Mphasis Limited is an Indian multinational information technology services and consulting company based in Bangalore. The company provides infrastructure technology and applications outsourcing services, as well as architecture guidance, application development and integration, and application management services. It serves financial services, telecom, logistics, and technology industries. Mphasis was ranked #7 in India IT companies and overall #189 by Fortune India 500 in 2019. In April 2016, Hewlett Packard Enterprise sold the majority of its stake in Mphasis to Blackstone Group LP for around US$1 billion. History. Formation and early years. Mphasis was formed in June 2000 after the  merger of the US-based IT consulting company Mphasis Corporation (founded in 1998 in Santa Monica by Jerry Rao and Jeroen Tas.) and the Indian IT services company BFL Software Limited (founded in 1992). In June 2006 Electronic Data Systems (EDS) purchased a controlling stake in the company (42%) for $380 million and operated the company as an independent EDS unit. As a Hewlett-Packard company. On 13 May 2008, Hewlett-Packard confirmed that it had reached a deal with Electronic Data Systems to acquire the company for $13.9 billion. The deal was completed on 26 August 2008 . In September 2009 Mphasis changed its brand identity by dropping EDS association to become "Mphasis, an HP Company" after HP retired EDS Brand to become "HP Enterprise Services". Mphasis operated as an independent HP subsidiary with its own board and continued to be listed on Indian markets as "Mphasis Limited". HP owned close to 62% in Mphasis and Mphasis got around 50% of its revenues from HP. Mphasis marked $1 billion in revenues and registered a consolidated revenue of Rs 50.37 billion ($1,099.3 million) for the year ended 31 October 2010 becoming the sixth Indian IT company to  do that. In February 2014, Mphasis changed its logo and the brand name as Mphasis Unleash the Next, seeking to boost business other than from parent Hewlett-Packard, its largest client. On 30 June 2015, Mphasis announced the signing of a definitive agreement to transfer a significant portion of its domestic business, to Hinduja Global Solutions (HGS). On 10 July 2015, Mphasis announced it will move 2,000 employees to Karvy Data Management Services Ltd (KDMSL) as part of a deal signed to partially sell its domestic outsourcing business to Karvy. Under Blackstone Group. In 2016, after Hewlett-Packard announced plans  to sell its controlling stakes in Mphasis, three companies Tech Mahindra, Apollo Global Management and Blackstone Group entered the race to acquire Mphasis. Tech Mahindra emerged as the frontrunner before it decided to pull out in order to avoid a bidding war with other companies. In April 2016, it was announced that Blackstone had acquired 84 percent of Hewlett-Packard's stake in Mphasis in a deal worth between $1825 million and $2.32 billion. On 29 January 2017, Nitin Rakesh joined Mphasis as the chief executive officer and director. On 7 Aug 2018 Mphasis Board announced buyback offer  for its shareholders at an approximate premium of 17.4%. In April 2021, Blackstone committed up to $2.8 billion to acquire controlling stake in Mphasis. A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), UC Investments and other long-term investors will be co-investing along with Blackstone. Services. Mphasis provides Information Technology (IT) services, including business process outsourcing, infrastructure technology, and application services. The application services offered by the company includes application development, maintenance and support. The markets served by the company are financial services and insurance, healthcare, manufacturing, government, transportation, communications, and consumer and retail industries . Offices. Mphasis has more than 60 sales and delivery centers in 19 countries with delivery centers in India, China, Australia, North America, UK, Japan, Singapore, Indonesia, Tunisia, Mauritius, New Zealand, Taiwan, Mexico, Costa Rica,Taiwan and Europe. In India it has presence with operations in Bangalore, Chennai, Pune, Hyderabad, Mumbai, Noida and Mangalore