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Mphasis expands UK footprint with accelerated focus on customer-led digital transformation initiatives

Posted On: 2021-05-04 06:04:41 (Time Zone: UTC)


Mphasis, (BSE: 526299; NSE: MPHASIS), an Information Technology (IT) solutions provider specializing in cloud and cognitive services, is expanding its footprint in the UK with a special focus on Customer led Digital Transformation initiatives in banking & insurance, by establishing a nearshore center, outside of London. Mphasis expects to:

1. Create close to 1000 UK jobs to begin with; capability to scale and cater to customers even beyond the UK, thus potentially creating a much larger opportunity in the job market

2. Invest over GBP 25 million upfront towards establishing a UK center

3. Provide best in class upskill and training in both digital transformation as well as domain expertise in the UK banking & insurance segments.

UK Prime Minister Boris Johnson said, "Trade and investment between the UK and India is creating good jobs and sustaining livelihoods in both of our countries. I'm very pleased that Mphasis has decided to join the legions of Indian companies investing in the UK, boosting our tech sector, and driving economic growth."

"Having successfully executed at least half a dozen similar transformational partnerships in the banking & insurance industry, we are confident of building for the future and ensuring a client-first approach. I am excited to elevate our presence in the UK to support future growth, improve operating agility, flexibility and harness local capabilities towards bolstering our offerings over the long term," said Nitin Rakesh, CEO and Executive Director, Mphasis.

Focused on the insurance market, this centre aims to deliver the best technology and insurance operations services to clients through innovation in operational, technological, and service excellence. Mphasis brings its existing digital & domain expertise, as well as global capabilities to constitute a proposition and capability that can be harnessed and tailored to meet individual UK client needs.

Shares of MPHASIS LTD. was last trading in BSE at Rs.1788.4 as compared to the previous close of Rs. 1764.75. The total number of shares traded during the day was 6284 in over 615 trades.

The stock hit an intraday high of Rs. 1791 and intraday low of 1750. The net turnover during the day was Rs. 11122150.


Source: Equity Bulls

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