Leading with transformation and technology calls for two powerful driving forces – resilience through continuity and propulsion through consistency and acceleration. COVID-19’s disruption to professional and personal lives was unprecedented, but we have still led with change. As we move into a new world of possibilities and opportunities, Continuity, Consistency and Acceleration will be the cornerstone of our thrust forward.
Dear Shareholder,
As I begin this annual letter to you, I am proud of what Mphasis has achieved, not only in terms of financial performance but also in our commitment to help clients, communities and our employees. I wish to thank all Mphasis employees globally, for their dedication and relentless efforts, in the face of difficult personal challenges during an unprecedented situation.
This is the age where customers drive disruption. Our Front2Back™ approach accelerates our clients’ digital journey and keeps them on top of their customers’ imperatives. We deliver on this promise with the following client-first trifecta:
Across the organization, we reimagined our mental models to replicate successful outcomes – individualized for different segments, accounts and geographies. We embraced scale fearlessly and took ownership from origination to execution. We stepped up to wear the mantle of growth with leadership.
Our next-gen array of offerings, backed by our ‘Tribes and Squads’ model of client engagement, lend continuous value additions to our ‘client first’ philosophy and our smart pursuit of opportunities.
Helping enterprises recognize the value of data by adopting a Front2Back™ approach to data
Enabling enterprises to modernize many of their legacy applications and infrastructure
Enabling enterprises to change and modify business models and customer experience at warp speed, by focusing on organizing capabilities as a platform
Helping enterprises ensure that software development rapidly aligns with changing requirements
Key focus on redefining the experience by rethinking customer and other stakeholder journeys
Helping enterprises with cyber security in an age of increased adoption of digital channels
Helping enterprises take a digital approach to infrastructure and application maintenance, accelerate adoption of cloud
Complete rethink of business operations by using advances in automation tools, digital devices and AI/ML
We have created a collaborative and robust ecosystem of partners centered around cloud hyperscalers (Amazon Web Services, Google Cloud, Microsoft Azure and VMware Tanzu), specialized in design, data, AI/ML, infrastructure, and business process automation related ISVs (Microsoft, Salesforce, Adobe, Snowflake, Talend, AppDynamics, Sauce Labs, Pega, Camunda, UiPath).
Our talent transformation strategy is closely mapped to our goal of leading with transformation. Mphasis Talent Next framework enables our people to converge technology skills, domain competencies, and application capabilities on an on-demand, digital and next-gen HR platform. Through advanced skill mapping and personalized learning experiences, we enhance their learning quotient.
Our innovative and technology-based CSR programs span the four areas of:
As the challenges of 2020 continued into 2021, we did what we do best. We sustained our focused attention on consistent performance in enabling digital transformation of our clients – across industries and across geographies.
Leading analyst firms have recognized us:
Positioned as 'Contender' in Novarica Market Navigator – IT Services Providers for Insurers 2020
Positioned as 'Leader' in Digital Marketing Service Providers
Mphasis Digital Risk recognized as 'Leader' in NelsonHall NEAT report Mortgage & Loan Services 2020
Mr. Davinder Singh Brar joined the Board of Mphasis on 8 April 2004 and elected as the Chairman of the Board effective 11 December 2015. He is currently a promoter of GVK Biosciences Private Limited, Excelra Knowledge Solutions Pvt. Ltd and Davix Management Services Private Limited.
In addition, Mr. Brar is also on the board of Maruti Suzuki India Limited, Wockhardt Limited, and Mountain Trail Foods (India) Private Limited. He is a member of the Advisory Board of the USA-India Chamber of Commerce (USAIC). Mr. Brar was also the Director of the Reserve Bank of India (RBI) during 2000-2007.
Mr. Brar started his career with Associated Cement Companies (ACC) and later joined Ranbaxy Laboratories Limited, where he rose to the position of Chief Executive Officer (CEO) and Managing Director.
Mr. Brar has a bachelor’s degree in electrical engineering from Thapar Institute of Engineering and Technology, Patiala; and a master’s degree in management from Faculty of Management Studies from the University of Delhi (gold medalist - 1974).
Nitin Rakesh, a distinguished leader in the IT services industry, joined Mphasis as its Chief Executive Officer and Director in January 2017.
In the first year of taking on the mantle as the CEO of Mphasis, Nitin introduced Mphasis' C= X2C2 =1TM formula for success, (hyper-personalization; drive n=1 powered by Cloud & Cognitive); driving multi-dimensions of business value with an integrated consumer-centric Front2BackTM Digital Transformation, enabling Business Operations, Technology Transformation and Service Transformation, driven by IP assets.
Under Nitin’s leadership, Mphasis set a record of highest deal wins in the history of the company, thus re-defining benchmarks and growing above industry rate. Mphasis' stock price observed an increase of 4x, in four years and revenue from digital projects increased substantially. His laser focus on quadra dimensional growth – consistent, profitable, competitive and responsible, led to enhanced shareholder value. His motto to accelerate value creation for customers, shareholders and employees builds a growth-focused culture within the company.
Prior to joining Mphasis, Nitin Rakesh was the Chief Executive Officer and President of Syntel (a NASDAQ listed IT Services Company). Nitin has a proven track record of delivering profitable growth at industry leading operating margins. Before he was appointed as the CEO, he served as President, Americas for Syntel, where he headed Business Development and North American operations.
Nitin has deep domain expertise in Banking, Financial Services and Insurance verticals. He has strong customer-orientation, large deal experience, and a track record of delivering transformative digital solutions. Nitin has an entrepreneurial mindset and is focused on launching innovative new service offerings, including in automation.
Nitin served at Syntel in various capacities (most recently as the CEO) from 2012 to 2016 and also before that between 2002 and 2008.
From 2008 to 2012, he served as the CEO and Managing Director of Motilal Oswal Asset Management Company. During his tenure, the company was named "Most Innovative ETF, Asia Pacific" at the 2011 ETF Awards in New York, and the "Most Innovative Mutual Fund, India" in 2010 at the Crisil - S&P Mutual Fund Awards. He is one of the first 250 CEOs globally across 26 countries who has committed to build an inclusive work environment, end disability inequality through business performance and create social and economic value of people living with disabilities across the world. In addition, he has worked with the TCG Group, a transnational private equity and investments firm as the Head of Banking & Financial Services Sales at TCG Software Services between 1999 and 2002.
Earlier in his career, Nitin worked for Unit Trust of India, setting up offshore mutual funds and secondary Market Research Cell, Product Development and Risk Management divisions.
Recently, Nitin co-authored an award-winning book, 'Transformation in Times of Crisis - Eight Principles for Creating Opportunities and Value in the Post-Pandemic World', a business playbook for leaders and businesses to transform a crisis into an opportunity. The book has been recognized as 'Best Business Book' in the 'Publication Award Category' of American Business Awards and has won the International Business Book title at 2021 Business Book Awards. Recently, Nitin won the 2021 American Business Awards®- Management Awards - Bronze Stevie under the 'Tech Innovator of the Year – Services' category. In the past, he has been recognized with '2019 American Business Awards & International Business Awards – Gold Stevie' under the 'Tech Innovator of the Year – Services' category. The 2018 International Business Awards and American Business Awards 2018 recognized Nitin as 'Executive of the Year - Computer Services', felicitating him with Gold Stevie under the Management award category. Nitin recently won the ‘2018 Outstanding 50 Asian Americans in Business’ Award, recognizing him for the innovative growth strategy translating Mphasis into one of the fastest growing digital companies.
Nitin is also an active member of various institutions globally, such as US-India Strategic Partnership Forum (USISPF) driving financial services council and business relations between US and India. He is a member of the NASSCOM executive council. He is also on the advisory board of the Knowledge@Wharton, The Wharton School, University of Pennsylvania’s driving digital transformation discussions at grass root level. He is a member of The Wall Street Journal (WSJ) CEO Council and an industry expert and practitioner with the Forbes Technology Council (FTC). Nitin globally advises their readers on current, as well as future, technologies and trends.
Nitin is a founding member of Plaksha University, a new model of engineering education and research through collective philanthropy to transform higher education in India.
Nitin holds a Bachelor's degree in Engineering (Computer Science) from Delhi Institute of Technology, Delhi University and has received his Master's in Management from Narsee Monjee Institute of Management Studies, Mumbai and is also an alumni of Harvard Business School's CEO Workshop.
Narayanan Kumar joined the Board of Mphasis on February 15, 2013. He is the Vice Chairman of The Sanmar Group, a fourth-generation, family-owned, business conglomerate. The Group is a multinational US$ 1 billion conglomerate headquartered in Chennai, India; and has manufacturing facilities in India, United States, Mexico, and Egypt. It is engaged in three key business sectors—chemicals (including specialty chemicals), engineering (products and steel castings) and shipping.
Kumar is the Honorary Consul General of Greece in Chennai.
He is on the Board of various public companies and carries with him over four decades of experience in the spheres of technology, management, and finance. In addition, he is also the Chairman of National Accreditation Board for Certification Bodies, which is a constituent of Quality Council of India; and is also a member of the Board of Governors of Institute for Financial Management and Research.
As a spokesman of industry and trade, Kumar had been the President of Confederation of Indian Industry (CII) and participated in many apex bodies. He presently chairs the CII Institute of Quality, Bangalore.
Apart from this, Kumar has a wide range of public interests going beyond the confines of corporate management, in the areas of health, social welfare, education, and sports. One special area in which he is involved is the Madhuram Narayanan Center for Exceptional Children.
He has a bachelor’s degree in electronics engineering from Anna University, Chennai; and is a fellow member of the Indian National Academy of Engineering.
Amit Dixit joined the Board of Mphasis in September 2016. He is a Senior Managing Director and Co-Head of Private Equity at Blackstone India. Since the time of joining Blackstone in 2007, Amit has been involved in various investments and investment opportunities in India and South Asia.
Apart from Mphasis, he currently serves as a Director of Intelenet Global Services, IBS Software Private Limited, S.H. Kelkar, Jagran Prakashan, Mid-day Infomedia, and Hindustan Power Projects. Previously, Dixit was a Principal at Warburg Pincus. He was also a Director of Emcure Pharmaceuticals, Igarashi Motors India, and Trans Maldivian Airways.
He has received a master’s degree in business administration (MBA) from Harvard Business School, a master’s in science (MS) in engineering from Stanford University, and a bachelor’s degree in technology (BTech) from Indian Institute of Technology, Mumbai, where he was awarded the Director’s Silver Medal for graduating at the top of his program.
Ms. Jan Kathleen Hier joined the Board of Mphasis in December 2015.
Formerly, she was a partner with a start-up (Bicycle Financial – www.bicycylefinancial.com) and she was also the Executive Vice President at Charles Schwab responsible for centralized support services including Schwab Technology Services, Operational Services, Corporate Project Management, Operational Risk Management and Offshore Services.
At Schwab, Ms. Hier held several other positions, including, Chief Information Officer; Executive Vice President of Human Resources; Head of Electronic Brokerage Technology that developed schwab.com; and Head of Schwab Institutional Technology.
Before joining Schwab in 1994, Ms. Hier served as a Vice President of engineering at Transaction Technology, Inc., a Citicorp subsidiary, where she was responsible for providing distributed technology to Citibank businesses worldwide. Previously, she was a telecommunications specialist at Bank of America.
As an economist with the Bureau of Labor Statistics, she was instrumental in the original development of a Producer Price Index for the telecommunications industry and was called on as an expert witness at the U.S. House of Representatives.
Ms. Hier earned her Bachelor's degree in Economics and attended Post-Graduate studies at Syracuse University, New York, USA.
David Lawrence Johnson (Dave Johnson) joined the Board of Mphasis in September 2016. He is a Director and CFO of TLGA, a special purpose acquisition corporation focused on digital technologies and listed on the New York Stock Exchange. David is currently the Chairman of Cloudreach Inc, and Intsights. He is a Trustee in Mercy College, New York, USA. Previously, David was a Senior Managing Director at Blackstone, where he led many of their Private Equity technology investments. He joined the firm in 2013 and was based in their New York offices. Before joining Blackstone, David was the Senior Vice President of Strategy at Dell Corporation, where he was responsible for corporate strategy, software, corporate development and acquisition integration. Prior to joining Dell, he also held a number of managerial positions across IBM’s business lines, including the CFO of its $18B Technology Group and ultimately leading IBM’s Corporate Development organization, responsible for the company’s acquisitions, divestitures, minority investments and acquisition integration. David received a B.A. in English and an M.B.A. from Boston College
Marshall Lux joined the Board of Mphasis in August 2018. He has been a financial services consultant and practitioner for over 30 years now and has been on company boards or played an advisory role for various private equity companies across industries and geographies. Currently, he works with companies across consumer credit, wealth, insurance, healthcare, technology, and financial technology. Marshall has a broad network of C-suite executives, with whom he has worked with on some of their most important issues. He has also played an integral role in many of the largest private equity deals. In addition, he is a member of the Board of Governors of the Online Lending Policy Institute.
Beyond corporate work, Marshall has also worked on 35 pro bono assignments and has served on a number of not-for-profit boards, including the Harlem Children’s Zone, the New York Historical Society’s Chairman’s Council, the New York Tenement Museum, Junior Achievement, and Reading is Fundamental. He is also a member of the Council on Foreign Relations.
Four years ago, Marshall decided to broaden his focus areas. He has since been a Senior Fellow at the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School. He is also a Senior Advisor to The Committee on Capital Markets Regulation and a Senior Fellow to The Program on International Financial Systems, both at Harvard Law School. That’s not all, Marshall is also a Senior Fellow at Wharton and Georgetown.
As a thought leader, Marshall’s writings have concerned the unintended consequences of Dodd-Frank on financial services. He has written papers entitled ‘The State and Fate of Community Banking,’ ‘What’s Behind the Non-Bank Mortgage Boom,’ and ‘Out of Reach: Regressive Trends in Credit Card Access.’ All papers have been cited in the Financial Times, Wall Street Journal, The New York Times, among others. He has also released papers entitled ‘When Markets Quake: The Past, Present, and Future of Online Lending’ and ‘Hunting High and Low: The Decline of the Small IPO and What to Do About It.’
Apart from this, he is also a speaker and has spoken at the House of Small Business Committee, the Federal Reserve, and various universities and trade groups.
He began his career at McKinsey, where he served financial service firms across a variety of sub-sectors and functional areas. Marshall led McKinsey's and Boston Consulting Group's (BCG’s) private equity practice. He has extensive relationships across financial services and private equity (PE) Firms. After approximately 25 years, he left McKinsey to become the Chief Risk Officer for Chase (all consumer products globally) during the financial crisis. He then joined BCG, where he was a Senior Partner for five years, and in particular, helped build a private equity practice while serving financial institutions. For example, Marshall was BCG’s first Senior Partner and built the PE practice. Marshall continues to be an active advisor to BCG.
He attended the Woodrow Wilson School at Princeton University and graduated Summa Cum Laude. Marshall also attended Harvard Business School where he was a Baker and Ford Scholar (awarded to the number one student in each graduate school).
Amit Dalmia joined the Board of Mphasis in September 2016. He is also an Executive Director in the Corporate Private Equity group in Blackstone and is based in Mumbai. After joining Blackstone in 2010, he has primarily been involved in creating and driving value-added initiatives across Blackstone portfolio companies in India. Before joining Blackstone, Amit gained diverse operational experience at Hindustan Unilever India (HUL) in various management and business leadership roles ranging from finance and accounts to commercial and supply chain. He has undergone a management training program with the Indian Institute of Management, Ahmedabad; and subsequently worked extensively on in-company training at Unilever.
Amit is a chartered accountant (CA), company secretary (CS), and cost accountant (ICWA) with three gold medals for securing first ranks in the country.
He completed a bachelor’s degree in commerce (Hons.) from St. Xaviers' College, University of Kolkata, India.