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2013-03-04

MphasiS open to small and medium companies’ acquisition

HP-owned IT services firm MphasiS has said that it is open to acquisition of small and medium sized companies, which can help it enhance value proposition in banking and capital markets.

HP-owned IT services firm MphasiS has said that it is open to acquisition of small and medium sized companies, which can help it enhance value proposition in banking and capital markets.

Last year, the Bangalore-based IT firm had announced to acquire US-based Digital Risk for $175 million (about Rs 960 crore), a move aimed at attaining leadership position in the US mortgage services market. The acquisition was completed last month.

Florida-based Digital Risk is one of the largest independent providers of solutions related to risk, compliance and transaction management to the US mortgage market.

The company reported a marginal dip in consolidated net profit to Rs 184.4 crore for the quarter ended January 31, 2013, as against Rs 184.84 crore for the November 2011-January 2012 quarter.

Its revenues, however, declined 8.05 per cent to Rs 1,257.08 crore for the reported quarter as against Rs 1,367.18 crore for the corresponding period last year.

The banking and capital market segments contributed Rs 315.98 crore to the quarter’s revenues, while insurance accounted for Rs 154.18 crore.

IT, Communication and Entertainment vertical contributed Rs 317.06 crore and Emerging Industries segment accounted for Rs 493.21 crore of the quarter’s revenues.

MphasiS, which employs around 36,000 people, offers integrated services in applications, infrastructure services and business process outsourcing.

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