Mphasis partners with MoneyGram Haas F1 Team to boost motorsport performance

Mphasis, an IT solutions provider, has announced a multi-year partnership with auto racing team MoneyGram Haas F1, becoming its Official Digital Partner. This collaboration aims to revolutionise motorsport performance through the integration of advanced technology.

As part of the partnership, Mphasis will leverage its expertise in data, automation, analytics, cybersecurity, and artificial intelligence (AI) to enhance the performance of the Haas F1 Team both on and off the track. The IT provider will focus on delivering real-time data analysis, predictive modeling, and performance optimisation, ensuring that the team gains a competitive edge in one of the most demanding environments in global sports.

Ayao Komatsu, Team Principal of the MoneyGram Haas F1 Team, said, “Mphasis’ advanced technological capabilities and innovative problem-solving approach are vital to achieving higher performance levels and greater operational efficiency.”

Nitin Rakesh, CEO & Managing Director of Mphasis, said, “Partnering with the MoneyGram Haas F1 Team offers Mphasis an opportunity to demonstrate how technology can redefine possibilities in high-performance sports.”

In June, Mphasis also announced a strategic partnership with Tel Aviv-based quantum software provider Classiq. The collaboration focuses on developing quantum-powered solutions for industries such as banking, financial services and insurance (BFSI), life sciences, healthcare, and logistics. By leveraging Classiq’s quantum platform, Mphasis is poised to deliver tailored intellectual properties and accelerate enterprise adoption of quantum technologies.

Earlier, Mphasis announced its consolidated net profit for the June quarter at ₹404 crore, reflecting a 2.1% year-on-year (YoY) increase and a 2.9% sequential rise. The company's performance highlights steady growth amid a challenging market environment.

Revenue from operations for the quarter climbed to ₹3,422 crore, marking a 4.6% YoY increase and a marginal quarter-on-quarter (QoQ) growth of 0.2%. On a constant currency basis, the revenue showed a 0.1% QoQ increase and a 3.1% YoY growth. The EBIT margin for the quarter was reported at 11%, and Mphasis reiterated its FY25 margin guidance of 14.6-16%.

In terms of business contracts, Mphasis recorded a total contract value (TCV) of $319 million during the quarter, with 84% derived from next-generation services. This follows a TCV of $177 million in the previous March quarter, showcasing significant growth in new business wins.