“The facility will serve as a Centre of Excellence (CoE) for developing cutting-edge Quantum Computing, Quantum Cryptography and Artificial Intelligence (AI) solutions. These solutions will address critical industry challenges such as algorithmic underwriting, catastrophic risk modelling, and fraud detection. Mphasis’ expertise will empower businesses in the UK and worldwide to leverage the transformative power of Quantum technologies,” Mphasis said in a regulatory filing.
It added, “Mphasis has steadily expanded its UK presence over the past years and aims to double the headcount over the next three years through the London innovation hub which marks the next chapter in this commitment. The centre will be a magnet for top local and international tech talent, fostering collaboration and driving innovation across diverse industries including banking, financial services, and insurance. This strategic move positions Mphasis to leverage the UK’s rich talent pool, address evolving client needs and thrive within a supportive technological ecosystem.”
While the exact headcount in UK was uncertain, Mphasis employed a total workforce at 31,645 as of June end, down by 1,019 employees from the March quarter.
The innovation hub is situated in London’s iconic Tower 42 and focuses on developing next-gen solutions in quantum, AI and cryptography.
“This centre will be a focal point for developing next-generation solutions in AI, Quantum Computing, and beyond. It’s a significant step forward as we work to accelerate digital transformation across Europe,” said Nitin Rakesh, CEO and managing director of Mphasis.
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The UK government committed to double its investment in the field of quantum technologies to £2.5 billion (around $3.26 billion) over the next ten years.”The London Innovation Hub is a strategic game-changer for Mphasis in the UK. It allows us to double down on our commitment to the region, fueling growth in cutting-edge areas such as quantum technologies, cryptography, and data solutions. The UK government’s focus on AI, data, and especially quantum computing, as evidenced by the recent spring budget, aligns perfectly with our vision,” said Ashish Devalekar, SVP & head of Europe, Mphasis.
Last month, the US-headquartered firm appointed a new chief financial officer with Aravind Viswanathan’s appointment, pursuant to the resignation of Manish Dugar.
