Breaking News
1. Parliament is supreme: Jagdeep Dhankhar doubles down on criticism of judiciary      2. Pahalgam terror atack: Modi reviews situation with NSA Doval, Jaishankar; to chair Cabinet committee meet soon      3. Day after Pahalgam terror attack, Army kills 2 militants in Uri, foils infiltration bid      4. PM Modi’s Saudi trip | Nations to ink 6 pacts, PM to discuss Hajj quota with Crown Prince      5. Flash floods in Jammu & Kashmir's Ramban: Volunteers defied fear to reach out to victims      6. We are being accused of interfering with legislative and executive functions: Justice BR Gavai      7. India Announces 3-Day State Mourning In Honour Of Pope Francis      8. Harvard sues Trump administration to stop the freeze of more than $2 billion in grants      9. PM Modi and JD Vance hail 'significant progress' in trade talks; PM says ready to host Trump this year      10. IAF officer turned aggressor? Twist in Bengaluru road rage as CCTV videos emerge      11. ‘Felt like an earthquake’: Families of 11 killed in Delhi building collapse mourn irreplaceable loss      12. Heatwaves set to return in parts of north and central India, warns IMD      13. Former Karnataka DGP Om Prakash found dead at Bengaluru home, suspected to be murdered by wife      14. US Defence Secretary Hegseth shared Yemen war plans in Signal chat with family: Reports      15. J&K weather: Torrential rain wreaks havoc in Ramban, 3 killed; schools shut in valley today      16. Taj Mahal visit, meeting with PM Modi & more: What's lined up for JD Vance in India      17. 'They want to divide us': Mamata Banerjee attacks BJP, RSS, urges people to maintain peace      18. Eknath Shinde Was Asked About Thackerays' Patch-Up Buzz. His Response      19. University Professor Claims Assault By Troops In J&K's Rajouri, Army Orders Probe      20. Seelampur teen murder: 'Lady Don' held as cops probe gang rivalry angle     

Mphasis Ltd.'s Subsidiary, Mphasis Corporation, Completes $132.5 Million Acquisition of Silverline

  • Posted on October 13, 2023
  • Business
  • By Arijit Dutta
  • 288 Views

Mphasis Corporation, a wholly-owned subsidiary of Mphasis Ltd., has successfully completed the acquisition of Sonnick Partners LLC and its subsidiaries, a move announced through an official exchange filing. The acquired entity, known as "Silverline," operates across key industry sectors, such as financial services, healthcare, and media & entertainment.

Mphasis Ltd.'s Subsidiary, Mphasis Corporation, Completes $132.5 Million Acquisition of Silverline Image Source -www.moneycontrol.com

Mphasis Corporation, a wholly-owned subsidiary of Mphasis Ltd., has successfully completed the acquisition of Sonnick Partners LLC and its subsidiaries, a move announced through an official exchange filing. The acquired entity, known as "Silverline," operates across key industry sectors, such as financial services, healthcare, and media & entertainment.

The acquisition was finalized with a substantial cash consideration of $132.5 million, facilitating a complete takeover of the 100% shareholding. Notably, this transaction is set to conclude within the current month and is exempt from requiring any government or regulatory approvals, expediting the integration process.

Founded in 2009, Silverline has emerged as a prominent Salesforce service partner, offering an array of services that include consulting, advisory, implementation, and managed services. The company's operational footprint extends to North and Central America, as well as India.

This strategic acquisition is poised to enhance Mphasis' standing as a comprehensive provider of Salesforce enterprise cloud solutions and services. It will empower Mphasis to cater to clients with state-of-the-art capabilities tailored for cloud-first digital transformation, aligning perfectly with industry trends and demands.

Silverline's financial performance in the past three years, spanning 2020, 2021, and 2022, demonstrates consistent growth, with annual turnovers of $54.5 million, $60.8 million, and $75.8 million, respectively. This acquisition opens doors to further financial synergies.

Nitin Rakesh, the Managing Director and CEO of Mphasis expressed the strategic significance of this move. He highlighted that the acquisition is instrumental in advancing Mphasis' core strategic initiative, which focuses on converging Customer Experience (CX) transformation, contact center modernization, and conversational AI-enabled automation. The goal is to meet the ever-evolving and dynamic needs of their clients.

Also Read: Government Renewed PLI White Goods Scheme To Promote Local Manufacturing

Silverline's extensive experience as a Salesforce partner for over 15 years enhances its appeal and expertise in the field. This acquisition solidifies Mphasis' commitment to providing cutting-edge technology solutions.

While Mphasis Corporation's shares experienced a decline on the day of the announcement, it's important to note that they have been performing remarkably well in 2023, with a notable 24.1% increase. This positions Mphasis among the top-performing IT stocks of the year, underscoring the confidence investors have in the company's strategic moves and growth prospects.

Author
No Image
Author
Arijit Dutta

You May Also Like