Mphasis (BSE: 526299; NSE: MPHASIS), a leading IT services and solutions provider specializing in cloud and cognitive services, today announced its partnership with OpenRisk Technologies Inc., a comprehensive derivatives collateral and liquidity risk management solution provider. As part of this strategic agreement, Mphasis will act as an extended engineering arm to OpenRisk and the startup will form a part of the Mphasis Sparkle Labs initiative.
The partnership advances OpenRisk in disrupting the current $540 trillion global over-the-counter (OTC) Derivatives market by providing innovative liquidity management solutions, redefining how data can be analyzed better to manage risks and offering strategic business growth opportunities to global clients.
Mphasis delivers robust expertise in Semantic Web technologies through its NextAngles Platform, an artificial intelligence-powered compliance solution for the financial services industry. This extensive industry knowledge will be used to further enhance the OpenRisk platform and deliver business-critical applications to its global client portfolio.
The collaboration with OpenRisk will form a part of the Sparkle Labs initiative which is geared towards building domain-relevant innovation by offering startups a platform to showcase their built solutions while also integrating these very same solutions in Mphasis products.
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“OpenRisk applies an innovative approach for addressing and solving a business problem by leveraging artificial intelligence and blockchain technologies in capital markets and several other industries. By integrating Mphasis’ deep knowledge expertise and our dedicated services in semantic web technologies, we will provide unique business solutions to global clients. This partnership is a clear example of the impact that our Sparkle Labs initiative, of which OpenRisk will now be a part, can have on the growth of the startup ecosystem in the country and we look forward to growing together with all our partners,” said Dinesh Venugopal, President, Mphasis Direct and Digital, Mphasis.
“We are excited to work with Mphasis, who have a proven track record of providing innovative applications while attaining a presence that reaches beyond capital markets, which is instrumental to our overall business goals,” said Narasimha Kodihalli, Founder and CEO, OpenRisk Technologies Inc.