MphasiS, a $1-billion global service provider, announced over the weekend that it would set up a location in Prince Edward Island as its first near-shore operation in North America.
"We are pleased to have MphasiS investing into Prince Edward Island and into our people," P.E.I. Premier Robert Ghiz explains. "We are fortunate to have a strong presence of IT workers located in Prince Edward Island and excellent educational institutions that will continue to train future workers. Prince Edward Island is an ideal near-shore location, with our low operating costs, access to markets, tax incentives and rebates."
The company, headquartered in Bangalore, India, is diversified, providing services to banking and capital markets, insurance, manufacturing, communications, media and entertainment, health-care, transportation, packaging, energy, and governmental clients across the globe. The company currently employs over 40,000 people.
MphasiS plans to hire 100 people in P.E.I. initially, aiming to grow to 300 by 2014. P.E.I. has become an IT hotspot over the last few years, with other international companies, such as CGI and Invesco, setting up near-shore locations as well.