Mumbai, 10 September 2024
Mphasis, a leading Information Technology (IT) solutions provider specialising in cloud and cognitive services, today announced the opening of its Innovation Hub for Mphasis Europe in London’s iconic Tower 42 building.
This strategic hub signifies Mphasis’ commitment to pioneering Quantum technologies within the UK and globally. 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.
The UK has already established itself as a global leader in quantum technologies. Government’s investment in the field has been doubled to £2.5 billion over the next ten years. Recognising its immense potential, the UK has prioritised quantum technologies alongside other key advancements including AI, engineering biology, semiconductors, and future telecoms.
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.
“At Mphasis, we’re constantly pushing the boundaries of technology. Our new London innovation hub is a testimony to our commitment to the UK and its vibrant tech scene. 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, Mphasis.
Janet Coyle CBE, Managing Director Business, Grow London, London & Partners, who attended the inauguration event said, “The UK is an innovation powerhouse and a global magnet for world-leading businesses and talent. The launch of Mphasis’ Innovation Centre in London is a testament to this and is an important addition to the thriving tech and business ecosystem in the capital as AI and Quantum continue to push the forefront of technology.”
“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. We’re excited to be a key player in the UK’s ambition to stay ahead of the curve,” said Ashish Devalekar, SVP & Head of Europe, Mphasis.
Speaking at the event, a leading expert in the field, Dr. Siddharth Saxena, Principal Research Associate, Cavendish Laboratory & Director, Cambridge Central Asia Forum said, “Quantum Science has undergone a significant transformation in recent decades, evolving into tangible technological solutions. Quantum Computing has been at the forefront of this revolution, and we are now poised to witness the emergence of broader Quantum functionality, bearing towards a totally revolutionary step-change. As UK Universities and innovation ecosystems continue to produce cutting-edge solutions with unprecedent precision and targeted applications beyond data science, Mphasis’ anchoring here is well-timed and has the potential to deliver transformative value to its customers.”
Situated in London’s iconic Tower 42, a premier A-grade building known for its sustainability efforts, Mphasis’ new office embodies the company’s dedication to ESG principles.