IT services company, HCL Technologies, has announced that it is acquiring US-based mortgage business process & fulfillment services provider, Urban Fulfillment Services (UFS).
HCL will 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 USA and the transaction would require regulatory approvals for obtaining the licenses.
Founded in 2002, UFS, according to an official release, operates out of three centers in the US, and has a team strength of over 350 professionals.
“The acquisition of Urban Fulfillment Services strengthens HCL’s capabilities in mortgage BPO services, loan fulfillment and debt servicing space,” said Anoop Tiwari, Corporate Vice President and Global Head – Business Services, HCL Technologies.
“Combining UFS’ talent and client portfolio with HCL’s deep industry expertise and business acumen, offers us the unique opportunity to provide platform–based services on our own platform, driving transformation through robotics process automation.”
For the record, HCL operates out of 32 countries and has consolidated revenues of $6.7 billion, for 12 months ended 31st December, 2016.
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