MphasiS BFL: Mix 'n Match

The Citibank fraud at its Pune center, and the hype apart, the same story of

2003-04 was repeated last year. The BPO arm at 51% grew at more than double the

rate of IT services at 22%. While some reckoned this as a dilution of the

company's IT services credentials, many regarded it as the perfect model of

synergy established between the IT services and BPO arms of a company. Barring

Wipro, Infosys and HCL, no other company in DQ Top50, not even Satyam and

Polaris, had managed to achieve this.

MphasiS also actively sought to combine the branding for both IT services and

BPO divisions; the first action was to rename MsourcE as MphasiS BPO. M&A

was identified as a key growth driver-even as the Kshema and Onida Infotech

integration were being completed, it acquired US-based healthcare BPO player

Eldorado Computing for $16.5 mn.