This mid-cap IT company signs a strategic collaboration agreement with AWS for AI
The company will offer targeted solutions for banks ranked among the Fortune 100 and over the past year, the company's shares have appreciated by 38.25 per cent
Mphasis, a Mid-Cap IT company specializing in cloud and cognitive services, has announced a multi-year global strategic collaboration agreement with Amazon Web Services (AWS). This collaboration signifies a significant milestone as Mphasis establishes the Gen AI Foundry, spearheaded by Mphasis.AI, a dedicated business unit focused on artificial intelligence (AI) solutions, AI use case assessments, consulting, and business transformation.
The Gen AI Foundry will serve as a dynamic platform for modeling industry use cases and developing proof of concepts (POCs), initially within the financial services industry, with plans to expand across other sectors. The foundry is committed to promoting the integration of generative AI in financial services companies, aiming to expedite efficiency and drive business evolution.
Mphasis will target offerings for banks ranking among the Fortune 100, brokerage, and insurance firms. These offerings will focus on critical industry applications, such as generative AI for core platform modernization, contract management for banks, intelligent document processing for new banking accounts, mortgage processing, claims processing for insurance carriers, and investigating financial crime.
During the last trading session, the company's stock closed at Rs 2,513.80. Opening at Rs 2,517.30 today, it closed at Rs 2,511.65, reflecting a 0.09 per cent decrease. The company's 52-week high stands at Rs 2,835, while its 52-week low stands at Rs 1,660.65. Currently, the company boasts a market capitalization of approximately Rs 47,470 crores. Over the past year, the company's shares have appreciated by 38.25 per cent, outperforming BSE Information Technology, which increased by 25.65 per cent, and BSE Teck, which increased by 23.54 per cent.
Mphasis, a global IT solutions provider, applies next-generation technology to help enterprises globally transform businesses.
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Disclaimer: The article is for informational purposes only and not investment advice.