Mphasis acquires British consulting firm

By SiliconIndia   |   Monday, 14 February 2005, 08:00 Hrs
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BANGALORE:Software and BPO major Mphasis BFL group today announced the acquisition of Princeton Consulting, a London-based consulting firm for 7.73 million pounds.

Speaking at a press conference, Mphasis chairman and CEO Jerry Rao said the deal included a cash component of 3.23 million pounds, while the net value for surplus cash with Princeton was 4.5 million pounds.

"This latest acquisition will offer us access to business process improvement consulting skills as well as an established client base. Princeton will broaden our service offering in the IT and BPO (business process outsourcing) segments in the UK and other European markets," Rao said.

With a revenue run-rate of six million pounds, Princeton provides customer relationship management solutions and process improvement services to blue chip and high growth firms in Britain and Europe.

The British firm is an expert in multi-channel customer service and support, sales force management, content management and business intelligence.

"We have an active client base of 12-15 customers, including British Telecom, the largest telecom firm in Europe, and a retail supermarket chain," Princeton CEO Afshin Rabbani said.

"Our niche consultancy skills will add value to Mphasis' strong delivery capabilities in the IT and BPO segments."

This was the second acquisition by Mphasis. In April last year, it had acquired Bangalore-based Kshema Technologies in a cash-cum-stock deal worth $21 million.

The Princeton acquisition, to be completed in a week, will bring about 100 employees on board for Mphasis, including 33 techies from its Indian subsidiary in Bangalore.

"As a mid-tier company in the IT and BPO space, we will continue to look for such strategic acquisitions to add value to our portfolio of service offerings in the UK and European markets," Rao said.

According to Mphasis chief financial officer Ravi Ramu, the transaction is expected to be earnings per share accretive.

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