Sonnick Partners LLC (Silverline), is a digital transformation consultancy and Salesforce partner headquartered in New York with over 400 employees. Silverline is focused on consulting and advisory services, implementation, managed services, and specialty capabilities. It is aligned to key industry verticals such as financial services, healthcare, and media & entertainment with presence in North & Central America and India. The company had a turnover of $75.8 million for the calendar year 2022 (CY22).
The said acquisition has been made for a cash consideration of up to $132.50 million.
Offering rationale for the said transaction, Mphasis stated that the acquisition would strengthen the company's position as end-to-end Salesforce enterprise cloud solutions and services provider, offering clients capabilities for cloud-first digital transformation.
Nitin Rakesh, chief executive officer, and managing director, Mphasis, said: "we are excited to have team Silverline join the Mphasis family and look forward to achieving great success together. Silverline's deep Salesforce expertise and scale combined with our execution muscle and reach will not only assist us in designing next-generation digital capabilities but will also help establish us as a dominant player in the Salesforce ecosystem.
The acquisition will complement our key strategic initiative of driving the intersection across customer experience (CX) transformation, contact center modernization and conversational Ai-enabled automation, thus enabling tech transformation to meet the evolving and dynamic needs of our clients."
Mphasis is an information technology (IT) solutions provider specializing in cloud and cognitive services.
The company reported 2.28% fall in consolidated net profit to Rs 396.05 on 3.25% decline in revenue from operations to Rs 3,252.01 crore in Q1 FY24 over Q4 FY23.
The scrip shed 0.33% to currently trade at Rs 2443.85 on the BSE.