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MphasiS acquires Princeton Consulting

Bangalore, 14 February 2005

The MphasiS BFL Group, a leading provider of IT and BPO solutions for customer focused corporations, announced today that it has entered into a definitive agreement to acquire Princeton Consulting, a London based specialist consulting company, for approximately GBP 7.73 million (including cash of GBP 3.23 million in the business) in an all cash deal. The net value of the deal adjusted for the surplus cash remaining in Princeton Consulting is GBP 4.5 million. The transaction is expected to be immediately EPS accretive.

Princeton Consulting, a profitable company with annual revenue in excess of GBP 6 million, is a niche consultancy services organisation established in early 1997. The company provides high quality, leading edge CRM solutions and process improvement services to blue-chip and high growth companies in the UK & other European countries. Princeton’s areas of expertise include multi-channel Customer Service & Support, Sales Force Management, Content Management and Business Intelligence.

Princeton Consulting has about 100 employees and services an impressive list of blue chip customers in UK & Europe. In 2003, it was ranke d 7th in the Deloitte & Touche Indy 100 awards for UK’s fastest growing companies and in 2002 it was named 54 in the top 500 survey of Europe's Most Dynamic Entrepreneurial companies.

Commenting on the acquisition, Mr. Jerry Rao, Chairman & CEO, MphasiS BFL said, "We believe that the acquisition of Princeton will offer us an access to business process improvement consulting skills as well as an established client base. Through this acquisition, we are excited to be able to broaden our service offering for BPO and IT services in the UK and other European markets.”

Mr. Afshin Rabbani CEO, Princeton Consulting, said, “We are looking forward to becoming part of MphasiS’s global team. We strongly believe that a world-class company like MphasiS will provide us with the ability to complement our niche consultancy skills to add value to MphasiS’ strong delivery capabilities in BPO and IT. We will now be able to offer our clients a more complete portfolio of services from process consulting to complete end-to-end delivery”.