MphasiS Limited launched its Billing as a Service solution for the insurance industry. An end-to-end cloud-based solution, BaaS enables carriers to manage their complex billing requirements efficiently. Built on MphasiS Wyde's Wynsure platform and delivered through the cloud, BaaS helps carriers reduce their billing related costs while at the same time increase business flexibility, improve customer service and accelerate operational efficiency. Additionally, the solution leverages MphasiS' proven Insurance BPO capabilities delivered from their North America based service center, enabling carriers to significantly reduce time to market of new products, provide e-billing capabilities to customers and help agents and insureds to make payments in real-time. Most carriers rely on legacy billing systems as modernizing billing operations is not a priority when replacing their core systems. However, consumer behavior is changing rapidly, leading to an increased demand for modern billing capabilities including e-billing, automated payment processing and real-time redressal. With BaaS, carriers have a solution whose unique design makes it easy and quick to deploy, yet is cost-effective. Product attributes and features that make BaaS ideally suited to modernize billing operations include: Significantly reduce the time to market for new products by implementing pay plan and cancellation process changes through configuration. Anytime, anywhere billing using MphasiS' e-billing, account billing and electronic payment processing capabilities. Empowering agents and insured by leveraging MphasiS' robust portal with real-time processing.

Hewlett-Packard Company (NYSE:HPQ) has hired Citigroup to sell its 60% stake in MphasiS Limited (BSE:526299), said people directly briefed on the matter. Advent, TPG Capital, L.P.; and The Carlyle Group LP (NasdaqGS:CG) may be interested in MphasiS, sources added. Hewlett-Packard's stake in MphasiS is worth $900 million at current market value but Hewlett-Packard would expect a premium to the prevailing price, pushing the deal value to over $1 billion, said sources cited earlier. Citigroup has direct talks with a few private equity firms in recent months to ascertain their interest. According to Times of India, a spokesperson for Hewlett-Packard and Citigroup declined to comment. MphasiS shares closed marginally down at INR 369 on April 26, 2013.

HP Enterprise Services, LLC (HP) might plan to sell its 60% stake in MphasiS Limited (BSE:526299) over the next couple of years. “The ownership structure at Mphasis could change over the next couple of years. It probably needs to as it drives a lot of confusion in the market over this,” Mike Nefkens, Executive Vice-President of HP Enterprise Services, said in an interview during a visit to Bangalore earlier in week starting April 22, 2013. “We either need to be in or we need to be out and have a partner arrangement with them. They will be partners of ours, whether they are part of the HP family or not,” Mike Nefkens added.