HCL Technologies on 24th April acquired announced the acquisition of U.S.-based provider of mortgage business process and fulfilment services - Urban Fulfillment Services (UFS) - for USD 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.
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 requires would require regulatory approvals for getting licences.
