mphasis: Mphasis Revenues Grow 24% YoY in Q3 | Bangalore News
Total contract value (TCV) during the quarter was $335 million, with four major deals signed, including a $92 million healthcare deal. Since the beginning of the year, the TCV amounts to more than a billion dollars. This has grown at a CAGR of 43% over the past two years. Europe experienced strong growth momentum. Banking and financial services have grown very well over the past six quarters. “Banks aren’t just thinking about how they’re going to modernize their apps, but how they can create startups within their big platforms and scale them effectively with a neo-banking mindset. Many large customers are experimenting with blockchain-based solutions, buying neo-banking licenses and building a platform around it, and they’re doing it on the retail side and the payment side. One of the big deals is about transforming the payment platform using a neo-banking platform,” said Nitin Rakesh, CEO of Mphasis.
Mphasis added 2,600 employees in the December quarter. Half of them were freshmen. It plans to hire 5,500 freshmen in FY22. “The internal deployment of talent is 2.5 to 3 times higher than it was three years ago. Our intern pool is very strong for the next two terms,” Rakesh said. He said there was a 20% to 25% bonus in certain skill types. “With large investment-oriented clients, the discussion is not about whether you can give me a better rate, but about how many more people you can find,” he said.
Mphasis has partnered with crypto exchange platform CrossTower to create a Web 3.0-focused Center of Excellence (CoE) and a series of blockchain-based products to be launched and marketed on the CrossTower platform .