We have set a strong foundation to transform organizations and drive business growth.
We have created patented AI solutions with our ‘platform-and-solution’ approach to enable enterprises increase productivity, reduce time-to-market and improve customer experience. With deep industry expertise, we launched Mphasis.ai, a business unit, to empower businesses to responsibly leverage the best of AI, drive growth and sharpen their competitive edge.
Through our partnership with hyperscalers, we have expanded access to AI and ML with minimum or no entry barriers. Leveraging the power of AWS, Microsoft Intelligent Cloud Platform and Google Cloud Platform (GCP) for AI, ML, Quantum and other large transformational projects, our offerings unlock tremendous value for global enterprises.
We play ‘positive offence’ with a relentless focus on what matters most − our clients. We work to identify new and bespoke ways that help them overcome business challenges and leverage cutting-edge technologies to drive business growth and revenue.
Growth through knowledge is a firm conviction at Mphasis. Through the Talent Next Platform, learning-on-the-job, certifications, collaborative learning, and more, thus enabling our talent to stay relevant to deliver the best business outcomes for our clients.
Our deal archetypes and playbook create repeatable success for clients with speed, scale and innovation. This has also resulted in creating opportunities for us to win greater market and wallet share – as reflected in the record pipeline that we generated this year.
Dear Shareholder,
As your Company looks to navigate this period of uncertainty, I am pleased to share the progress made so far. Despite the complex macroeconomic environment, we strongly believe we are in the early stages of a tech investing Supercycle, which is driving a sea-change in the way enterprises are consuming technology with Cloud and Data at its center, and with rapid advancements in Artificial Intelligence also beginning to take effect. In this backdrop, your Company continues to operate from a position of strength reaffirming its investment in the right growth areas - new-gen technologies like Cloud, Generative and Conversational Artificial Intelligence and Machine Learning. The Company is committed to staying focused on delivering value to clients as they undertake this pivot and support them as they enter a new era of growth.
We are laser-focused on enabling enterprises to leverage the potential of artificial intelligence (AI) to help maximize business outcomes. With cutting-edge technology at its core, we launched Mphasis.ai, a business unit integrating capabilities of NEXT Labs (our R&D wing leveraging patented AI solutions), Sparkle Innovation Ecosystem (partnering with startups), the Mphasis’ Hyperscalers network, partnerships with Kore.ai and Databricks, to herald this transformative journey, empowering our clients to unlock unparalleled productivity, drive efficiency and shape a future of endless possibilities.
Mphasis, through this business unit, offers services including Generative AI Advisory, AI App Development, Reinforcement Learning Based Conversation Design, Industry Specific Model Development & Large Language Models (LLMs) Fine-tuning, Prompt Engineering, LLM Application Testing, Factuality Evaluation and Data Prepping. With Databricks, we offer a unified approach to simplify data architecture by eliminating the data silos that traditionally separate analytics, BI, data science and machine learning, with a lakehouse. This helps achieve the full potential of analytics and AI initiatives. The power of this business unit is expected to enhance engineering productivity while driving innovation of the Contact Center, IT Operations, Business Operations and Experience for enterprise clients.
Mphasis Quantum initiative is focused on building domain-agnostic IPs, industry-focused solutions for verticals such as TTL, BFSI, Healthcare, etc., and delivering client projects in the areas of Machine Learning, Optimization and Simulation. We have engaged with our customers to solve problems such as last mile route optimization, pathogen detection in metabolomics data and high dimensional ML for loyalty program enrollment through our ‘Get Quantum Ready’ engagement model built on Quantum assessment, consulting and software development framework.
Our Generative AI offerings span across multiple themes, including software engineering productivity enhancement, intelligent customer service across various channels, fine-tuning of LLM using a data-centric AI approach, factuality evaluation and multimodal synthetic data generation. We have established purposeful hyperscalers, startup and academic partnerships to drive positive outcomes from Generative AI.
DeepInsights™ is a cognitive computing platform, which transforms enterprise decisions by enabling businesses of all sizes to harness vast amounts of unstructured and complex data. It is powered by state-of-the-art algorithms in Natural Language processing, machine learning, deep learning, image analytics and Generative AI. DeepInsights™ enables businesses automate processes, drive stronger operational performance and engage with their customers through more personalized experiences.
InfraGenie™ is the Mphasis AI-enabled solution for managing a hybrid multi-cloud enterprise that enables proactive, highly automated, zero-touch service delivery and operations management.
Generating high-quality synthetic data for trustworthy business insights, Synth Studio has enabled organizations across industries and functions to achieve data sharing with privacy, preserve data patterns and correlations for high efficiency, facilitate accurate decision-making in monetizing data and accelerate innovation.
Mphasis Framework and Methodology to automate multiple stages in the machine learning (ML) pipeline, accelerating the lifecycle of development, deployment, and productionizing of ML algorithms. It is a combination of Mphasis proprietary tools and methodologies along with best-in-class third-party as well as open-source tools.
The Xenon framework is a data modernization and integration platform that acts as a foundation for building AI solutions across various industry verticals. Xenon brings proven architectural patterns and execution methods based on our Front2Back™ principles across various hyperscaler ecosystems.
Mphasis approaches contact centers with a true end-to-end design methodology. We identify issues, challenges and pain points with current client environments, then use design led thinking to drive solutions with significant improvements to CX (Customer Experience) and EX (Employee Experience), resulting in a better overall UX (Unified Experience). Our solutions go beyond just technology to include workflow and process automation and improve KPI metrics that matter to our clients.
MEP helps drive productivity by systematically introducing AI interventions in the engineering value chain. It acts as a single interface for various engineering personas and creates a catalog of reusable IT assets that can be used to compose complex architectures. MEP acts as a co-pilot to the engineers through their day in life, helping accelerate product development and go-to-market.
Platform++ from Mphasis Javelina is a game-changing Business Process-as-a-Service (BPaaS) model that combines advanced technology and extensive healthcare expertise to deliver streamlined and effective operations. It leverages the power of our patented AI and ML solutions like HyperGraf™, DeepInsights™, Mphasis CG, and Optimize.AI to provide higher operational efficiency and resource optimization. Additionally, our next-gen business process services and cognitive data analytics capabilities further enhance the platform’s capabilities, delivering an intelligent, lean, and highly resilient approach to operations.
Platform++ offers zero cost transformation by implementing cloud-based solutions that streamline operational processes without additional expenses. This helps healthcare payers transition from conventional outsourcing to an outcome-focused, comprehensive platform-driven strategy, freeing them to invest in new opportunities and groundbreaking innovations.
Our go-to-market strategy has been realigned to focus on dedicated farming and strategic hunting by leveraging domain expertise aligned to key industry verticals in our target markets.
We shifted our stance to originate and win more deals in our areas of strength through bespoke and out-of-the-box thinking. While our large deals were 4% of our total opportunities, they generated 43% of our TCV.
Lending itself to advantageous scalability, our archetypes provide templates — from account plans to pitch. This results in quick ‘good’, which is better than the elusive perfect.
Our proactive new-gen win rate was 1.5 times the reactive traditional way
Registered Partner for Snowflake and Databricks in the US and Mphasis Datalytyx is a Snowflake Premier Partner in Europe.
Our purpose of being the ‘driver in the driverless car’ is backed by a powerful ‘Hi-Tech, Hi-Touch and Hi-Trust’ culture, with principles that encompass the following:
It inspires us to be more accountable. We proactively approach a client to solve their problem even before they come to us. That’s how we champion the clients and Mphasis.”
This principle calls for inner maturity to seek growth in all our actions. It helps us realize we are indeed catalysts to usher in growth.”
Ready, fire, aim has always been an approach for us. I’ve been with Mphasis for almost 20 years, and we have always experimented without the fear of failure. We’ve been an action-oriented team, ready to take on any challenges that come our way.”
At Mphasis, we take pride in delivering world-class products and services to all our clients. In all fairness, much of this cannot be achieved without bringing our workforce together — giving them a sense of purpose, clarity of goals and a safety net to say it’s OK to fail. Work for each other is key to this.”
At Mphasis, you get the room to express your views. You can bring a fresh perspective to the processes and systems which could improve the overall efficiency.”
Mphasis’ talent strategy is closely linked to the organization’s philosophy of being a Cloud-native and Cognitive-first company.
Enables continuous learning for our employees on technical and leadership competencies. With a wide range of learning resources − instructor-led training, eLearning, books, cloud labs, assessments, etc., Talent Next is powered by gamification and social learning features for learners to collaborate in real-time. In FY23, we ramped up the number of learning solutions in next-gen digital skills such as AI/ML, Cloud, DevOps, Big Data, Cybersecurity, Data Engineering, etc. We also witnessed a huge uptake in the number of lateral employees getting trained and certified in these next-gen skills.
Prepares campus hires to become business ready. In FY23, due to the economic downturn, we saw a smaller number of freshers inducted into the company. Yet, we cross-skilled them on Cloud and Cognitive skills in higher numbers than the previous year.
At Mphasis, we are committed to enable Mphasians to be unique in their own ways. Our key DEI tenets include:
We believe in investing in employees, regardless of their background, to promote a healthy, engaged and vibrant workforce.
Our inclusiveness is a core value that we uphold through mentorship, training, storytelling, and opening doors to new opportunities
We believe that each employee plays a unique role in a judgment-free environment that shapes individualism, respect and appreciation.
We have a top-down approach in all our diversity efforts. Our DEI council has senior leadership to provide expertise, insights, and experiences that are crucial in shaping our policies, initiatives and programs to create a more inclusive and equitable workplace that benefits everyone.
A fireside chat with client executives who share their stories and lessons of life experiences to inspire our employees to emulate the same in their personal and professional front.
We are committed to the principles of equal pay for our employees where all are given remuneration/reward packages based on meritocracy. At Mphasis, we strongly believe a robust pay structure creates a positive environment for our employees, leading to improved morale and better productivity.
Mothers Forum: A platform where we discuss, share and support working mothers as they navigate theirprofessional and personal lives. Our sole objective is to empower, showcase and support their hard work and talent. This forum opens up various learning opportunities and best practices sharing on work-life balance, positive parenting and nutrition.
The Allyship Program: A member-based initiative working towards increasing the knowledge, awareness and support of women employees, LGBTQ+ employees, persons who are differently abled, etc. In partnership with passionate individuals, the Allyship program aims to create a safe and inclusive work environment for the employees at Mphasis and to advocate for a culture of Diversity, Equity and Inclusion.
Our CSR team executed several programs across four focus areas — Education, Livelihood, Inclusion and Environmental Sustainability – aligned with the UN Sustainable Developmental Goals 2030.
We collaborated with the Indian Institute of Technology Madras (IIT Madras) for fundamental and applied research in quantum technologies by setting up a Quantum Lab to develop methods and algorithms to solve computationally intractable problems on quantum computers and annealers, to provide leadership in quantum information and communication technologies and its standardization and to develop a national and international network of researchers actively involved in quantum science and technology, with exchanges of faculty and students. The lab will act as a hub for providing training and capacity building.
In the first year of this collaboration,
Our projects aim to improve employability and generate income.
We partnered with Magic Bus to find employment for 800 graduates from the underserved section, trained in Cloud Computing.
Mphasis and the Museum of Art and Photography (MAP) partnered to create barrier-free access to the museum for persons with disabilities and senior citizens, covering infrastructure (accessible website, signage and technology), programs (education and outreach, exhibition), structural work and interiors, executed with the expert guidance of Diversity and Equal Opportunity Center (DEOC).
With Mphasis’ support, MAP completed the following:
We partnered with United Way of Bengaluru (UW-Be) to execute three projects on environmental sustainability.
One Billion Drops - Constructed 1278 percolation wells over 2 years in Bengaluru to conserve rainwater. We will support Bengaluru’s Lalbagh Botanical Garden, to construct 220 additional percolation wells.
Dommasandra Lake Rejuvenation - We are involved in the restoration of Dommasandra Lake, Bengaluru. A multi-year project to improve water quality, enhance biodiversity and increase community ownership to help the population of Dommasandra Panchayat.
Afforestation - We are setting up a dense forest on an 11-acre plot (part of the 228 acres Botanical Garden at Doddasaggere) in Koratagere part of Tumkur district of Karnataka. We will plant 100,000 dry deciduous tree saplings here.
Our approach to ESG is driven by four pillars — architecting stakeholder value, applying good governance, incorporating inclusion and engineering climate sustainability.
Aligning with the climate goals of Blackstone, Mphasis has pledged to eliminate CO2e emissions from its facilities and operations to become carbon neutral by 2030. We aim to achieve this goal by implementing an energy management plan to minimize energy consumption, integrate renewable energy sources, and implement energy-efficient practices.
We have conducted a comprehensive evaluation to analyze the possible influence of climate risk on its business operations and supply chain. Furthermore, we have established a yearly objective to decrease energy consumption by 5% and carbon footprint by 1%, and we are actively and consistently striving to accomplish this target.
Specific initiatives undertaken by Mphasis to prioritize net zero include:
Reduce greenhouse gas emissions: Mphasis has discarded old air conditioning units with R22 refrigerants that are not ozone friendly and replaced with new air conditioning units with refrigerants R407c and R410a which are non-ozone depleting gasses, resulting in greenhouse gasses emission reduction by 55% approximately from the year 2015.
Environmental footprint: Mphasis has been tracking its Carbon Footprint for the past 10 years, and as of now the carbon footprint has reduced by 53.75% from the year 2015.
Reduction in energy consumption: Energy consumption is being tracked for the past 15 years, and as of now energy consumption has been reduced by 47.73% from the year 2015.
Through an in-depth materiality assessment, we identified and prioritized the most critical environmental, social and economic sustainability issues relevant to our business.
Our robust sustainability strategy focuses on key material issues including data privacy, business ethics, regulatory compliance, security and resilience of IT systems, and protection of human rights.
Our ESG scores for the year: DJSI
The awards and recognition we have received are reaffirmations of our purposeful vision, strong values, positive reputation and excellent performance across multiple industries and regions. They are a reflection of our deep commitment to clients, employees, various partners and the community around us.
Leader
Major Contender and Star Performer
Major Contender
Midsize Providers
Profiled
Mentioned
Top 10
Horizons Report
Highlight Report
Rising Star and Product Challenger
Small Size Providers
Mid Size Providers
Profiled
Named Employer of the Future 2022 by Fortune India in partnership with Work Universe
Awarded Silver for Excellence in Talent Acquisition
Veda Iyer, Global Chief Marketing Officer | Head Hyperscaler Partnerships | Head Sales APAC, awarded the Women Leaders in Marketing and Sales by the Vedica Women Alliance 50
KelpHR PoSH AWARDS® 2022 by KelpHR for being one among the Top 25 safest workplaces in India
ALM Legal Week Leaders in Tech Law awards 2023 in the ‘Contract Lifecycle Management’ category
Nitin Rakesh featured in the Visionary CEOs list by the HR Association of India
Manish Dugar won the FE CFO Award for CFO of the Year in the Large Enterprises - Services Industry
* Transition year 2014 represents 5 months of operations.
** Figures from 2016 are under Ind AS framework and the figures for 2015 and prior years are under previous Indian GAAP.
* Transition year 2014 represents 5 months of operations.
** Figures from 2016 are under Ind AS framework and the figures for 2015 and prior years are under previous Indian GAAP.
* Transition year 2014 represents 5 months of operations.
** Figures from 2016 are under Ind AS framework and the figures for 2015 and prior years are under previous Indian GAAP.
# 2018 cash and cash equivalents is net of cash outlay of `11,060 million for the buyback of equity shares completed during the year.
## 2019 cash and cash equivalents is net of cash outlay of `9,949 million for the buyback of equity shares completed during the year.
* Transition year 2014 represents 5 months of operations.
** Figures from 2016 are under Ind AS framework and the figures for 2015 and prior years are under previous Indian GAAP.
# 2018 cash and cash equivalents is net of cash outlay of `11,060 million for the buyback of equity shares completed during the year.
## 2019 cash and cash equivalents is net of cash outlay of `9,949 million for the buyback of equity shares completed during the year.
### 2022 cash and cash equivalents is net of cash outlay of `5,219 million for Blink UX acquisition and `5,058 million for special dividend of `27 per share.
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.
Mr. Kabir Mathur joined the Board of Mphasis in December 2021. Mr. Mathur is Head of India and South East Asia within the Private Equities Department of the Abu Dhabi Investment Authority (ADIA), and is responsible for leading ADIAs investment and portfolio management activities in these regions.
Prior to joining ADIA in 2018, Mr. Mathur worked at Kohlberg Kravis Roberts & Co (KKR) where he was responsible for sourcing, executing and managing private equity investments in Asia. Mr. Mathur joined KKR in 2008, having previously worked at TPG Capital, also in their Asian private equity business. Mr. Mathur began his career in the Investment Banking division of Citigroup/Salomon Smith Barney.
Mr. Mathur graduated from the London School of Economics and Political Science with a BSc (Hons.) in Economics.
Mr. Pankaj Sood joined the Board of Mphasis in December 2021. Mr. Sood heads the Private Equity (Direct Investments) business of GIC Private Limited, a company incorporated in Singapore (“GIC”) in India and Africa. He joined GIC in 2010 and is based in the Mumbai office.
Mr. Sood has over 22 years of experience in private equity and M&A transactions in India. Prior to GIC, Mr. Sood was an investment banker in India in Kotak Investment Bank, Ernst & Young and SBI Capital Markets.
Mr. Sood is a post-graduate from Indian Institute of Management Calcutta (1999) and has a bachelor’s degree in Chemical Engineering from Indian Institute of Technology Kharagpur (1996).
Ms. Courtney Karlan della Cava joined the Board of Mphasis in December 2021. Ms. Courtney is a Senior Managing Director and Global Head of Portfolio Talent & Leadership. Before joining Blackstone in 2021, Ms. Courtney served as a Partner at Bain & Company in its Leadership & Talent/Organization practice. With 20 years of global management consulting experience at Bain & Company across multiple sectors and geographies, Ms. Courtney most recently advised corporate and private equity clients on CEO succession, CEO and board effectiveness and broader organizational talent strategies and solutions, and she also built and led several of the firm’s global human capital teams and capabilities. She also served as a Partner and Managing Director for Russell Reynolds Associates, a global executive search and talent assessment firm, and European Marketing Director for M&M Mars. Earlier, she held product and marketing roles with Toyota/Lexus, and began her career at WPP/Hill and Knowlton. Ms. Courtney earned an MBA from The Wharton School of the University of Pennsylvania and graduated from The University of California, Los Angeles, with a B.A. in Economics.
Ms. Maureen Anne Erasmus joined the Board of Mphasis in December 2021. Ms. Erasmus has extensive experience in financial services including capital markets and banking having worked across developed and emerging markets for more than 35 years. Until 2017, she was a partner at Bain and Company Inc. (London), where she led major assignments across Europe, the Middle East and Africa on corporate and investment banking turnaround strategies. Prior to this, she had held senior executive roles at Merrill Lynch in London and New York.
Currently, Ms. Erasmus is a non-executive director on the Board of Standard Bank Group, Johannesburg, Credit Suisse, UK and Vanguard, UK, besides being a Senior Independent Director of Mizuho International Plc, UK. She is also a member of Global Advisory Board of African Leadership Institute and a non-executive director on the board of PSI Global Healthcare, USA, the not-for-profit entities. Ms. Erasmus is a graduate of the University of Cape Town.