| EDS moves to complete acquisition of MphasiS |
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| | employees skilled in
advanced applications
development, emerging
technologies, BPO/CRM
services, and an
applications development
and business process
services-focused sales
channel.
More than the
required 83 million
shares of MphasiS have
been tendered in
response to EDS’s
conditional open offer
of 204.5 rupees per
share (approximately
US$4.50), which closed
on 5 June. Total | |
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| | consideration for the
transaction that gives
EDS a majority stake in
MphasiS is approximately
$380m cash. The
transaction is expected
to be completed by the
end of June, subject to
administrative
settlement procedures.
“The acquisition will
not only bolster our
current offshore
delivery capabilities in
priority growth areas,
but will also allow EDS
to deliver a stronger
value proposition to
better align with | |
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| | clients’ changing
needs,” said Mike
Jordan, EDS chairman and
chief executive officer.
“The acquisition also
gives us access to a
world-class management
team, a global talent
pool and marque
clients.”
Based on MphasiS’
most recent annual
results for the fiscal
year ended 31 March,
2006, it reported annual
revenue of 9,401.0
million rupees
(approximately US $210m)
and net profit of | |
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| | 1,498.6 million rupees
(approximately US $33m).
MphasiS is one of the
fastest growing offshore
providers of IT and
business process
services. The company’s
blend of industry
knowledge, technology
expertise and client
relationships,
particularly in
financial services, has
enabled it to quadruple
in revenue over the past
five years.
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| | EDS has been successful
in its efforts to
acquire a majority stake
of MphasiS BFL Limited,
an applications and
business process
outsourcing (BPO)
services company based
in Bangalore, India.
The purchase, one of
the largest in the
Indian IT services
sector, gives EDS access
to 11,000 India-based | |
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