MphasiS buys U.S. mortgage management firm for $175 million

BANGALORE Mon Dec 3, 2012 8:41am IST

Workers are pictured beneath clocks displaying time zones in various parts of the world at an outsourcing centre in Bangalore February 29, 2012. REUTERS/Vivek Prakash/Files

Workers are pictured beneath clocks displaying time zones in various parts of the world at an outsourcing centre in Bangalore February 29, 2012.

Credit: Reuters/Vivek Prakash/Files

Related Topics

Stocks

   

BANGALORE (Reuters) - MphasiS Ltd, an Indian IT services and back-office support provider and a unit of Hewlett-Packard Co, has agreed to buy U.S.-based Digital Risk LLC, a mortgage management specialist, for $175 million.

The purchase furthers MphasiS' strategy of focusing on financial services clients, a shift the company started in 2010, CEO Ganesh Ayyar said in a statement.

Florida-based Digital Risk sells software, analytics and forensics solutions that mortgage providers and insurers can employ to reduce risk of default and ensure regulatory compliance, according to the statement.

Bangalore-headquartered MphasiS expects the all-cash deal to conclude by January 31, subject to regulatory approvals.

Privately held Digital Risk has 1,500 staff and expects $127 million in revenue for the year ending December 2012.

Avendus Capital acted as financial adviser and Goodwin Procter LLP acted as legal adviser to MphasiS. Portico Capital Securities LLC served as financial adviser to Digital Risk. (Reporting by Harichandan Arakali; Editing by Edwina Gibbs)

FILED UNDER:
  • Most Popular
  • Most Shared

Market Eye

REUTERS SHOWCASE

Intel's Valuation

Intel's Valuation

Intel could rise 30 percent over next two years - Barron's.  Full Article 

Plunging Oil Prices

Plunging Oil Prices

Oil price seen falling to $60 if OPEC does not cut output  Full Article 

China Economy

China Economy

Exclusive - China ready to cut rates again on fears of deflation - sources  Full Article 

Climate Change

Climate Change

Some climate change impacts unavoidable - World Bank  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage