MphasiS-BFL Targets Revenue of US$ 64 Million by 2001 - Over 50 per cent from eSolutions

Mumbai, May 16, 2000: MphasiS-BFL, formed by Santa Monica, California based MphasiS Corporation and Bangalore based BFL Software, today announced that the combined entity will target revenues of US$64 million by FY 2001 of which over 50 per cent will come from esolutions. MphasiS-BFL, an Interactive Architect with Quality Capacity, will focus on eSolutions in Asia Pacific, Europe and North America and on sSolutions (traditional technologies) for Europe and North America.

The new post-merger MphasiS-BFL organization includes Jaithirth (Jerry) Rao as Chairman and CEO and R. Mohan as President of Global Development. Other appointments include Jeroen Tas, as President of MphasiS-BFL International Business. MphasiS-BFL also recently appointed Richard Braddock, Chairman of and former President of Citicorp, on the MphasiS-BFL Board of Directors. In addition, MphasiS-BFL has spun off the Products Division into a separate subsidiary headed by Sridharan Kothandaraman, earlier CEO of BFL Software. The company is doing robust business in the net-based shopping malls area.

MphasiS-BFL plans to increase its employee strength from 1300 to 1750, by FY 2001 and undertake retraining of employees in emerging technologies as part of the restructuring exercise. This repositioning will enable it to leverage opportunities in the e-business space. The new combine with a truly global customer and investor base has managerial talent with over 20 nationalities in the organization.

"We have successfully merged the marketing, development, finance, quality and HR functions and have also cross-staffed several projects. MphasiS-BFL is now concentrating on moving up the value chain by focusing on new projects and building newer skills within the organization," said Jerry Rao, Chairman & CEO, MphasiS-BFL.

The Company has further identified 4 strategic verticals, which include Banking/Finance, Logistics, Retail & Supply Chain, Media/Telecom and Technology. With an end-to-end e-solutions offering that spans strategy, functional architecture, and technical architecture to implementation, MphasiS-BFL is well positioned to engage select financial institutions and Internet companies ( in the development of e-business solutions and can deliver enormous value to global and Indian customers.