Information Technology giant HCL on Monday announced that it will acquire mortgage business process & fulfilment services provider Urban Fulfillment Services (UFS) for nearly $30 million with 100 percent stake.
With over 350 professionals, UFS operates out of three centres in the US.
"The acquisition of Urban Fulfillment Services strengthens HCL's capabilities in mortgage BPO services, loan fulfillment and debt servicing space," Anoop Tiwari, Corporate Vice President and Global Head-Business Services at HCL Technologies, said in a statement.
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 US and the transaction would require regulatory approvals for obtaining the licenses, the company said.
"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," added Charles S Sanders, CEO of Urban Lending Solutions.