Mphasis

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Indian multinational information technology services and consulting company.

Last updated August 22, 2026

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Overview

Mphasis is an Indian multinational information technology services and consulting company headquartered in Bengaluru. Its business combines application development and management, infrastructure technology services, systems integration, architecture guidance, cloud transformation, data and analytics, cybersecurity, and other digital technology capabilities. The company works with clients in financial services, insurance, telecommunications, logistics, manufacturing, and technology, with a particularly strong historical orientation toward banking, capital markets, and insurance. The present company was created in June 2000 through the combination of Mphasis Corporation, a United States-based consulting business founded in 1998, and BFL Software Limited, an Indian IT services company established in 1992. The merger gave the business a cross-border delivery model and a base of software engineering and consulting capabilities. During the following years Mphasis expanded through acquisitions in areas including software services, consulting, enterprise applications, infrastructure management, insurance technology, digital risk, and cloud operations. A major ownership transition occurred in 2006, when Electronic Data Systems acquired a controlling interest. EDS was subsequently acquired by Hewlett-Packard in 2008, making Mphasis an HP-controlled but independently listed subsidiary. For several years, HP was Mphasis's largest client and a substantial source of revenue. In 2009 the company refreshed its identity to distance the public brand from the retired EDS name, while retaining operational independence and its Indian stock-market listing. Mphasis later pursued a deliberate effort to reduce reliance on HP and expand its direct-client business. The 2014 "Unleash the Next" identity expressed this strategy. The company also reshaped its domestic outsourcing operations during the middle of the 2010s. It announced arrangements involving Hinduja Global Solutions and Karvy Data Management Services that transferred portions of its domestic business and affected approximately 2,000 employees. In 2016 Hewlett-Packard Enterprise sold its controlling stake to Blackstone, after competing interest from potential buyers including Tech Mahindra and Apollo Global Management. Blackstone and long-term institutional co-investors have remained central to the ownership structure. In 2021 Blackstone announced a further investment commitment associated with its controlling position, alongside the Abu Dhabi Investment Authority's investment arm, UC Investments, and other investors. Mphasis has continued to build its capabilities through targeted acquisitions. Examples include Stelligent, a cloud and DevOps specialist acquired in 2018; Datalytyx, a data and analytics company acquired in 2020; and Blink UX, a user-experience research and design firm acquired in 2021. These transactions supported a broader positioning around cloud modernization, data-led transformation, customer experience, and digital engineering rather than traditional application outsourcing alone. The company operates sales and delivery centers across India and in multiple international markets. Its publicly described service footprint includes locations in North America, Europe, Asia-Pacific, the Middle East, and other regions. Mphasis remains listed on Indian exchanges under the symbol MPHASIS and continues to operate as a global IT services provider. It was included in the Fortune India 500 rankings from 2019 through 2025, according to the referenced company history.

History

Mphasis traces its origins to two separate businesses. BFL Software Limited was established in India in 1992 as an IT services company. Mphasis Corporation was founded in Santa Monica, United States, in 1998 as an information technology consulting company. The two organizations combined in June 2000, creating a cross-border enterprise with Indian delivery capabilities and an international consulting presence. The merger is also described as being completed through the combination of BFL Software and MphasiS in 2001. During its early expansion, Mphasis added capabilities and geographic reach through acquisitions. Its acquisitions included Navion Software in China in 2002, Kshema Technologies in Bengaluru and Onida Infotech Services' SAP division in Mumbai in 2004, and Princeton Consulting in the United Kingdom and Eldorado Computing in the United States in 2005. These transactions broadened the company's software, consulting, enterprise-application, and international delivery capabilities. In June 2006 Electronic Data Systems acquired a 42 percent controlling interest in Mphasis for a reported US$380 million. Mphasis continued to operate as an independent EDS unit. EDS itself was acquired by Hewlett-Packard in a transaction announced in May 2008 and completed on 26 August 2008. As a result, Mphasis became an HP-controlled company while remaining independently listed in India. In September 2009 it changed its identity from an EDS-associated brand to “Mphasis, an HP Company,” following HP's retirement of the EDS brand and integration of its services activities. The HP period brought scale but also substantial customer concentration. HP owned close to 62 percent of Mphasis and was reported to account for approximately half of the company's revenue. Mphasis crossed the US$1 billion revenue threshold for the financial year ending 31 October 2010, becoming one of the Indian IT companies to reach that level. The company expanded its portfolio through acquisitions such as AIG Systems Solutions in 2009, Fortify Infrastructure Services in the United States in 2010, Wyde Corporation in 2011, and Digital Risk in 2012. These deals strengthened infrastructure, insurance, and financial-services capabilities. Mphasis began emphasizing direct business outside HP more visibly in the 2010s. Its 2014 “Unleash the Next” identity and logo update were intended to support this repositioning. In 2015 the company announced transactions concerning a significant portion of its domestic business. One arrangement involved Hinduja Global Solutions, while another moved about 2,000 employees to Karvy Data Management Services as part of the partial sale of the domestic outsourcing operation. In 2016 Hewlett-Packard Enterprise placed its controlling stake up for sale. Tech Mahindra, Apollo Global Management, and Blackstone were among the parties reported to have shown interest. Tech Mahindra withdrew to avoid an escalation in the bidding process, and Blackstone ultimately acquired HP's 60.17 percent stake for approximately ₹5,466 crore, or about US$815 million, according to the referenced account. Blackstone's later open offer for an additional 26 percent from public shareholders did not succeed. Mphasis remained a listed company under its existing corporate identity. Nitin Rakesh joined as chief executive officer and director on 29 January 2017. In August 2018 the board announced a shareholder buyback. The company also continued to extend its digital and cloud capabilities. Stelligent, a United States cloud and DevOps specialist, was acquired in 2018; Datalytyx, focused on data and analytics, was acquired in 2020; and Blink UX, a user-experience research and design company, was acquired in 2021. In April 2021 Blackstone announced a commitment of up to US$2.8 billion related to its controlling investment in Mphasis. The transaction structure included co-investment from a wholly owned subsidiary of the Abu Dhabi Investment Authority, UC Investments, and other long-term investors. Mphasis's publicly described footprint now spans sales and delivery centers in India, North America, Europe, Asia-Pacific, the Middle East, and other markets. Its services cover application outsourcing, infrastructure, architecture, integration, application management, cloud, data, digital engineering, and industry-specific transformation. The company was included in the Fortune India 500 rankings from 2019 through 2025, according to the supplied reference material.

2021
Blink UX acquired
[1]Mphasisen.wikipedia.org
The acquisition expanded the company's user-experience research and design offering.
2020
Datalytyx acquired
[1]Mphasisen.wikipedia.org
The transaction strengthened Mphasis's data and analytics capabilities.
2018
Stelligent acquired
[1]Mphasisen.wikipedia.org
The acquisition added cloud and DevOps capabilities in the United States.
2017
Nitin Rakesh became CEO and director
[1]Mphasisen.wikipedia.org
Nitin Rakesh joined the company as chief executive officer and director.
2016
Blackstone acquired HP's controlling stake
[1]Mphasisen.wikipedia.org
Blackstone became the principal owner after purchasing Hewlett-Packard Enterprise's controlling interest.
2014
Unleash the Next identity launched
[1]Mphasisen.wikipedia.org
Mphasis updated its visual identity and emphasized growth beyond HP-related business.
2010
Revenue surpassed one billion US dollars
[1]Mphasisen.wikipedia.org
The company reported consolidated revenue equivalent to approximately US$1.1 billion for the year ended 31 October 2010.
2008
Mphasis became an HP-controlled company
[1]Mphasisen.wikipedia.org
HP's acquisition of EDS transferred control of Mphasis to Hewlett-Packard.
2006
EDS acquired a controlling interest
[1]Mphasisen.wikipedia.org
Electronic Data Systems purchased a controlling stake and operated Mphasis as an independent unit.
2000
Mphasis created through merger
[1]Mphasisen.wikipedia.org
Mphasis Corporation and BFL Software combined to form the core of the present company.
1998
Mphasis Corporation founded in the United States
[1]Mphasisen.wikipedia.org
The US consulting company that later merged with BFL Software was established in Santa Monica.
1992
BFL Software Limited founded
[1]Mphasisen.wikipedia.org
The Indian IT services business that later became part of Mphasis was established.

Products and positioning

A global IT services and consulting provider with a strong focus on financial services and insurance, combining application, infrastructure, cloud, data, and digital-experience capabilities.

IT services
Application services
Mphasis provides application architecture, development, integration, modernization, outsourcing, and application management services. These capabilities support the construction and operation of enterprise software across regulated and complex industries, including financial services, insurance, telecommunications, logistics, and technology.
IT services
Infrastructure and cloud services
The company's infrastructure practice covers technology operations, infrastructure management, cloud migration, cloud-native engineering, automation, and modernization. Its acquisition of Stelligent added specialist cloud and DevOps expertise to this broader service portfolio.
Data services · 2020
Data and analytics services
Mphasis helps organizations use data platforms, analytics, and related digital technologies to improve decision-making and transform business processes. The acquisition of Datalytyx in 2020 is part of the company's expansion in data-focused services.
Industry solutions
Financial services and insurance technology
Financial services and insurance are important verticals for Mphasis. Its offerings address banking, capital markets, insurance operations, digital customer experiences, risk-related processes, and supporting application and infrastructure environments.
Digital services · 2021
Digital experience and engineering
Mphasis combines digital engineering, user-experience design, systems integration, and transformation consulting. Blink UX, acquired in 2021, contributed user-experience research and design capabilities to this part of the portfolio.

Marketing campaigns

2014Unleash the Next
Global
Mphasis introduced a revised logo and the “Unleash the Next” identity to reinforce its independent market position and encourage business growth beyond its historical dependence on HP.
Outcome. The identity became the public expression of Mphasis's strategy to build its direct-client business while continuing to serve HP-related work.
Source

Brand decisions

2021
Secure additional Blackstone-backed investmentM&A
Background
Blackstone and institutional partners continued supporting the company's ownership and growth strategy.
Action taken
Blackstone announced a commitment of up to US$2.8 billion, with co-investment from long-term institutional investors.
Aftermath
The announcement reinforced Blackstone's controlling position and the company's capital backing.
Announced investment commitment. Up to US$2.8 billion (April 2021)
Source
2018
Announce a shareholder buybackOther
Background
The board proposed returning capital to shareholders while Mphasis remained listed under Blackstone ownership.
Action taken
Mphasis announced a buyback offer at an approximate 17.4 percent premium.
Source
2016
Transfer control from HP to BlackstoneM&A
Background
Hewlett-Packard Enterprise decided to sell its controlling stake in Mphasis.
Action taken
Blackstone acquired HP's 60.17 percent stake.
Aftermath
Mphasis entered a new private-equity ownership phase while remaining publicly listed in India.
Reported consideration for controlling stake. Approximately ₹5,466 crore (about US$815 million) (2016)
Source
2015
Transfer portions of the domestic outsourcing businessStrategy
Background
Mphasis reviewed its domestic outsourcing activities as part of portfolio and operating-model changes.
Action taken
The company announced arrangements involving Hinduja Global Solutions and Karvy Data Management Services, including the transfer of approximately 2,000 employees to KDMSL.
Aftermath
Parts of the domestic business and associated employees moved to external operators.
Source
2014
Reduce dependence on HP-related businessStrategy
Background
HP was Mphasis's largest client and accounted for a substantial share of revenue.
Action taken
Mphasis launched the “Unleash the Next” identity and emphasized growth in business outside HP.
Aftermath
The campaign supported a more direct-client-oriented market position.
Source
2009
Separate the public brand from EDSStrategy
Background
HP retired the EDS brand after integrating its services operations.
Action taken
Mphasis adopted the identity “Mphasis, an HP Company.”
Aftermath
The company retained its own listing and operating structure while presenting a clearer Mphasis identity.
Source
2006
Sell a controlling stake to EDSM&A
Background
Mphasis pursued expansion with the backing of a major international technology-services company.
Action taken
Electronic Data Systems acquired a 42 percent controlling stake.
Aftermath
Mphasis operated as an independent EDS unit and later entered HP's group when HP acquired EDS.
Reported acquisition consideration. US$380 million (June 2006)
Source
2000
Combine Mphasis Corporation and BFL SoftwareM&A
Background
The US consulting company and Indian IT services provider sought to combine international consulting and software capabilities.
Action taken
The businesses merged to create Mphasis.
Aftermath
The combination established the cross-border operating base for the later multinational services company.
Source

Recent events

2021
Blackstone announced additional investment alongside institutional co-investors[1]Mphasisen.wikipedia.org
M&A
Blackstone announced a commitment of up to US$2.8 billion associated with its controlling investment, with participation from institutional co-investors including an Abu Dhabi Investment Authority subsidiary and UC Investments.
2018
Mphasis announced a shareholder buyback[1]Mphasisen.wikipedia.org
Other
The board announced a buyback offer for shareholders at an approximate premium of 17.4 percent, as described in the company history.
2017
Nitin Rakesh joined Mphasis as CEO and director[1]Mphasisen.wikipedia.org
Leadership change
Nitin Rakesh became the company's chief executive officer and a member of its board.
2016
Blackstone acquired Hewlett-Packard's controlling stake in Mphasis[1]Mphasisen.wikipedia.org
M&A
Blackstone purchased HP's controlling interest, beginning a new ownership phase for the listed IT services company.
2014
Mphasis introduced the Unleash the Next brand identity[1]Mphasisen.wikipedia.org
Campaign
The company refreshed its logo and brand positioning as part of an effort to grow business independent of its largest client, HP.
2009
Mphasis adopted the Mphasis, an HP Company identity[1]Mphasisen.wikipedia.org
Campaign
Following HP's retirement of the EDS brand, Mphasis updated its identity while retaining its own board, listing, and operating structure.
2008
Hewlett-Packard completed its acquisition of EDS[1]Mphasisen.wikipedia.org
M&A
HP's acquisition of EDS resulted in Mphasis becoming an HP-controlled subsidiary.
2006
EDS acquired a controlling stake in Mphasis[1]Mphasisen.wikipedia.org
M&A
Electronic Data Systems purchased a controlling interest in the company, bringing Mphasis into the EDS corporate group while it continued operating as a listed business.
2000
Mphasis formed through the merger of Mphasis Corporation and BFL Software[1]Mphasisen.wikipedia.org
M&A
The two businesses combined to create the Indian multinational IT services company now known as Mphasis.

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