Mphasis Arm Acquires Sonnic Partners For Up To $132 Million

Mphasis, on October 12, in an exchange filing announced that its wholly owned subsidiary, Mphasis Corporation has acquired Sonnick Partners LLC, USA along with its subsidiaries through the signing of a definitive agreement for a cash consideration of up to $132.5 million. Sonnick Partners conducts its business operations by the name 'Silverline'. The company further stated that the transaction will be completed this month itself and does not require any government or regulatory approval.

Silverline is a Salesforce service partner aligned to key industry verticals like financial services, healthcare, and media & entertainment and was founded in 2009. The company was focused on guiding 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 in India.

The acquisition has been done to strengthen Mphasis' position as an end-to-end Salesforce enterprise cloud solutions and services provider, offer clients capabilities for cloud-first digital transformation. In the last three years, i.e. CY20, CY21 and CY22, Silverline has reported a turnover of $54.5 million, $60.8 million and $75.8 million respectively.

Mphasis MD and CEO, Nitin Rakesh said, 'We are excited to have team Silverline join the Mphasis family and look forward to achieving great success together. The acquisition will complement our key strategic initiative of driving the intersection across Customer Experience (CX) transformation, contact centre modernization and conversational AI-enabled automation, thus enabling tech transformation to meet the evolving and dynamic needs of our clients.'

Silverline CEO, Gireesh Sonnad stated, By leveraging the combined power of our organizations, we will build compelling digital experiences for our clients, offer exciting growth opportunities for our people, and drive data and AI-led innovation as the Salesforce ecosystem continues to grow.'