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21 November, 2024 18:45 IST |
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Mphasis signs business venture agreement with Ardonagh
Source: IRIS | 24 Dec, 2021, 07.34PM
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| Rating: NAN / 5 stars. |
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 Mphasis, a provider of IT applications, infrastructure and BPO services, and Ardonagh Group, UK (Ardonagh) have signed business venture agreement wherein, Mphasis acquires 51% in Mrald, a company incorporated and registered in England and Wales, with 49% of the equity remaining with Ardonagh. Mrald will service middle and back-office functions, and is aimed at expanding in two areas - insurance operations and technology capabilities; and new clients across the Ardonagh and third party clients in the insurance intermediate market.
Mphasis holds a majority share (51%) with both operating control and full economic interest, as well as bringing their existing offshore expertise to constitute an extended global outsourcing & transformation proposition and capability that can be harnessed to personalise and to meet individual UK customer needs.
Shares of the company gained Rs 32.25 or 1.01%, to settle at Rs 3,218.65. The total volume of shares traded was 19,475 at the BSE (Friday).
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