Mphasis partners with Plug and Play to drive technology disruption and solve tomorrow's problems today

NEW YORK, March 19, 2018 /PRNewswire/ -- Mphasis (BSE: 526299; NSE: MPHASIS), a leading IT services and solutions provider specializing in cloud and cognitive services, today announced a strategic partnership with Plug and Play Tech Center, a global startup ecosystem and venture fund specializing in the development of early-to-growth stage technology startups. As part of the partnership, Mphasis will offer mentoring support to emerging technology startups, incorporate their products in its domain focused solutions, extend access to its enterprise clients and help them scale.

To help further accelerate collaboration with startups, Mphasis had earlier launched Sparkles, an innovation lab that builds domain-relevant innovation centric solutions by leveraging emerging technology startups. Mphasis Sparkles Lab offers startups a platform to showcase innovative solutions to large enterprises and incorporate such products into Mphasis solutions.

Mphasis' domain depth, technology breadth, scale and access to marquee customers combined with Plug and Play's startup ecosystem, agile development methodology and disruptive technology, will accelerate the co-creation of robust go-to-market solutions for enterprise clients. Through this partnership, Mphasis has the opportunity to work with 700+ shortlisted startups to create next generation solutions and also collaborate with over 200+ Plug and Play corporate partners to help them take disruptive technology to market.

Depending on the stage of maturity of a startup, Mphasis may provide engineering services to build enterprise grade reliability and scalability as well as provide a platform to showcase their innovative ideas to its large enterprise customer base. It will incorporate specific startup products into its domain rich solutions.

"Plug and Play is one of the largest and most successful multinational accelerators in the world. They identify and nurture promising technology startups, and together we can help them succeed through our collaborative efforts. Our in-house innovation platform, Sparkles Lab, is leading the curve and fostering a unique partnership between global enterprises and promising start-ups. Together with Plug and Play, we aim to co-create newer, disruptive solutions that can positively impact enterprise client's business addressing their future challenges, today," said Dinesh Venugopal, President, Mphasis Direct and Digital.

He added, "Mphasis' vast technology experience helps tie together integration services, domain capabilities, and the disruptive technologies from startups. This collaboration will lead to new insights into the impact of these disruptive technologies as well as go-to-market solutions for our enterprise clients."

One of the largest incubators in the industry, Plug and Play hosts some of the world's leading startups. Plug and Play's key focus is to identify and nurture promising startups by running a six to eight-week program that helps transform their business vision to execution. Through our 'Sparkles' Digital Acceleration Program, Mphasis drives digital transformation for organizations with low-risk investment by constantly bringing in industry disruptors that revolutionize FinTech, Insuretech sectors, and others.

"Plug and Play is the world's largest innovation platform focusing on thirteen verticals that includes fintech, insurtech and cybersecurity, among many others. Every six months we choose the best twenty companies that would help an industry, like mobility or insurance, digitally transform. We also look for disrupters like Uber, Airbnb and Lending Club that would change the paradigm and revolutionize the hospitality, mobility or financial industries. It is a great pleasure to welcome Mphasis and work together with them and their clients to show value during the digital transformation of these corporations," said Saeed Amidi, Founder and CEO, Plug and Play.

Mphasis serves marquee customers across the globe including 6 top global banks, 11 out of 15 top mortgage lenders, and 3 top global insurance companies. The company has roughly 22,000 employees across 16 countries. Mphasis recently won the AIconics Award for Best Application of Artificial Intelligence (AI) in Financial Services, Insight Success America's 20 Most Promising Companies to Watch 2017, 2017 Asia Edition Dream Companies to work for' Award in the IT and Software category and 'Imagination' Category at the 2017 ISG Paragon Awards™ Europe.

About Mphasis Sparkles Innovation Lab
Mphasis Sparkles will enable participants to identify, ideate, and create cutting-edge products and services, and provide opportunities to collaborate on ideas in a robust work environment. The innovation lab promises to provide a structured opportunity to deploy solutions to gain a competitive edge for enteprises. It also offers the opportunity to test the relevance of smart, high-tech products at no or low cost with the added advantage of flexibility to buy if the products help meet enterprise specific business goals.

About Mphasis
Mphasis (BSE: 526299; NSE: MPHASIS) enables customers to reimagine their digital future by applying a unique formula of integrated cloud and cognitive technology. Mphasis X2C² _TM formula for success, (anything to cloud powered by cognitive), drives multi-dimensions of business value with an integrated consumer-centric Front to Back Digital Transformation^TM, enabling Business Operations and Technology Transformation. Mphasis applies advancements in cognitive and cloud to traditional application and infrastructure services to bring much needed efficiency and cost effectiveness. Mphasis' core reference architectures and tools, combined with domain expertise and hyper specialization are the foundation for building strong relationships with marquee clients. Click here to know more.

About Plug and Play
Plug and Play is a global innovation platform. We connect startups to corporations and invest in over 150 companies every year. Since inception in 2016, our programs have expanded worldwide to include a presence in 27 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond. With over 6,000 startups and 220 official corporate partners, we have created the ultimate startup ecosystem in many industries. We provide active investments with 220 leading Silicon Valley VCs, and host more than 365 networking events per year. Companies in our community have raised over $6 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club, PayPal, SoundHound, and Zoosk. For more information, visit www.plugandplaytechcenter.com/.

SOURCE Mphasis

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