HCL Technologies on Monday said it had acquired announced the acquisition of U.S.-based provider of mortgage business process and fulfilment services – Urban Fulfillment Services (UFS) – for $30 million.
The deal with UFS, which has more than 350 employees and operates out of three centres in the U.S., “strengthens HCL’s capabilities in mortgage BPO services, loan fulfilment and debt servicing space,” Anoop Tiwari, corporate VPand global head – business services, HCL Technologies said. in a statement.
The company said that the it would be “acquiring 100% stake in UFS. The total cash consideration for this transaction “is up to $30 million, including contingent payments subject to certain financial milestones.” Mortgage servicing is a regulated activity in the U.S. and the transaction requireswould require regulatory approvals for getting licences.
