Mphasis Corporation, a wholly-owned subsidiary of Mphasis Ltd., acquired Sonnick Partners LLC along with its subsidiaries on Thursday, the company said in an exchange filing. The acquired company conducts its business operations by the name "Silverline."
The acquisition of the entire 100% shareholding has been done for a cash consideration of up to $132.5 million. The transaction will be completed this month and does not require any government or regulatory approval.
Founded in 2009, Silverline is a Salesforce service partner aligned to key industry verticals like financial services, healthcare, and media & entertainment. It guides clients through their digital transformation with consulting and advisory services, implementation and managed services. It has a presence in North and Central America, as well as India.
The acquisition is likely to strengthen Mphasis' position as an end-to-end Salesforce enterprise cloud solutions and services provider, offering clients capabilities for cloud-first digital transformation.
Over the last three calendar years of 2022, 2021 and 2020, Silverline had an annual turnover of $75.8 million, $60.8 million and $54.5 million, respectively.
"The acquisition will complement our key strategic initiative of driving the intersection across Customer Experience (CX) transformation, contact centre modernisation and conversational AI-enabled automation, thus
enabling tech transformation to meet the evolving and dynamic needs of our clients," Mphasis MD & CEO Nitin Rakesh was quoted as saying.
Silverline has been a Salesforce partner for over 15 years.
Shares of Mphasis ended lower on Thursday but are up 24.1% so far in 2023, ranking among the best-performing IT stocks this year.
(Edited by : Amrita)
First Published: Oct 13, 2023 5:12 AM IST
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