India-based software services firm Wipro has signed a deal to purchase US-based risk management services provider Opus Capital Markets Consultants (Opus CMC) for $75m including deferred earn-out component.
With the transaction, Wipro expects to strengthen its mortgage applications and outsourcing business which will complement its offerings in mortgage origination, servicing and secondary market.
The acquisition is subject to customary closing conditions and regulatory approvals and scheduled to be completed during the fourth quarter of fiscal 2014.
Wipro BPO senior vice president and head Manoj Punja said the acquisition will help the company expand in the high end Mortgage BPO segment, and brings differentiated capability with a platform-based risk management offering.
"We believe Opus CMC will continue to lead with their innovative offerings and extend these capabilities to Wipro's banking and financial services customers as well," Punja said.
"Our vision is to leverage Wipro's offerings with Opus CMC's capabilities and knowledge base to create an end-to-end offering for all mortgage players, with a greater degree of automation and application of analytics."
Opus CMC co-founders and principals Joseph Andrea and Jennifer LaBud said the company is excited about the opportunity to join hands with Wipro and continue to be a dominant player in the industry with increased range and scale of offerings for clients.
"Our industry is at a pivotal point with the introduction of new mortgage regulations driven by the CFPB (Consumer Financial Protection Bureau) and government agencies," Andrea and LaBud added.
"Wipro and Opus CMC will jointly assist our clients in navigating this challenging and changing business environment and help build reliable outcomes in mortgage origination and secondary market operations."
Opus CMC provides loan level due diligence, valuation support, forensic analysis, and advisory services on mortgage products, residential and commercial, ranging from re-underwriting whole loans to collateral reviews of securitised pools.
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