The agreement on acquisition was sealed on September 21, 2020, which stated the tying up of both the companies with the financial consideration of Rs. 693.4 crore ($94 million)
Augmenting the scale of business operations, On September 22, 2021, IT services company Mphasis made an announcement of the acquisition of Seattle-based Blink in a deal worth $94 million via cash.
Founded back in the year 2000, Blink is a User Experience (UX) Consulting and Usability Research company which operates with giants including Apple, Starbucks, Microsoft, Amazon, and NASA in order to serve technology-based products, design consultancy, experiences, etc.
Over 130 people are aboard getting employed in the UX company across the regions including Seattle, Boston, San Diego, Austin and San Francisco, gaining a cumulative revenue in 2021 worth $34 million.
The agreement on acquisition was sealed on September 21, 2021, which stated the tying up of both the companies- Mphasis Limited and Blink Interactive. In a legal filing, the financial consideration of the transaction is mentioned as $94 million.
Nitin Rakesh, CEO and Executive Director at Mphasis, said that the core emphasis of Mphasis is devoted to focusing on customers which is also reflected in its ‘Front2Back Transformation’ approach. He shared that with Blink on board, consistent with the company’s focus on M&A, it is expected that the company will be able to spearhead its operations by being provided with well-researched design and serving effective and impactful digital experience to their clients and Blink’s end customers.
He further added his views on increased and scaled up emphasis on customer-centered design in the present business environment. “The synergy opportunity set will revolve around Product, Experience and Service design, as well as the end-to-end implementation services across the spectrum of clients and industries we service together,” he said.
CEO and Co-founder of the UX company, Karen Clark Cole disclosed that the merger will fuel the company to expand its operations globally. According to the deal, the company will continue its operations focusing on UX research and design services. However, Cole shared that the platform will additionally start offering ‘back-end engineering’ in order to serve its customers with end-to-end digital products as well as services.
Blink Interactive currently employs over twenty thousand individuals who will be continuing their work in the company after the merger.
What is Mphasis company about?
Founded 23 years ago, Mphasis Corporation is a public IT services establishment headquartered in Bangalore, India. Apart from the technology-based infrastructure services, the company also provides outsourcing and financial services, application management and development services.
How many employees does Mphasis have?
The company employs more than twenty thousand people, about 29, 473 to be precise with its operations spread across 19 countries including India, Australia, North America, Japan, China, Singapore, UK, Mexico, Taiwan, Europe and so on.
The IT company is bulked with around 11-12 acquisitions till date with its first acquisition in 2002 of Navion Software, China, to the latest acquisition of US-based UX firm Blink.
Is Mphasis a Fortune 500 company?
Undoubtedly, the Bangalore-based IT services company, Mphasis is a Fortune 500 company ranking a position of 165 and ranking no. 7 in the INFOTECH space.