HCL has announced the acquisition of Urban Fulfillment Services, US-Based mortgage BPO providers. HCL Technologies will be acquiring 100 percent stake in UFS. UFS was founded in 2002 as a Limited Liability Company in US incorporated with over 350 people.
The total cash consideration for this transaction is up to $30 million, including contingent payments subject to certain financial milestones.
UFS operates out of 3 centres in the United States, engaged in providing mortgage business process and fulfillment services to its customers.
HCL Technologies operates in more than 30 countries and had consolidated revenues of $6.7 billion ended 31 December 2016 for the 12 months. Last year in October, the IT major agreed to acquire Butler America Aerospace Llc. for $85 million in cash to strengthen its position in aerospace & defence engineering services.
“The acquisition of Urban Fulfillment Services strengthens HCL’s capabilities in mortgage BPO services, loan fulfilment and debt servicing space,” Anoop Tiwari, corporate vice-president and global head of business services at HCL Technologies said in a statement to the stock exchanges.
“The synergies between UFS’ client focused and efficient business processing services and HCL’s technology leadership and financial strength will create an unparalleled competitor and leading provider of state-of-the-art services to the enterprise customers,” said Charles S. Sanders, CEO of Urban Lending Solutions.
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Himani Sharma, From ITvoir News Desk