MphasiS, a unit of HP has agreed to acquire Digital Risk, a US based provider of risk, compliance and transaction management applications for for $175m to expand its reach in US mortgage market.
The acquisition will enable Digital Risk to provide enhanced risk, compliance and transaction management applications for the mortgage industry as well as enhance MphasiS' onshore presence in the US.
Digital Risk's proprietary Making Mortgages Safe applications suite is deployed by over 15 blue chip clients across key mortgage constituencies, including Originators, Insurers, Issuers and Investors.
Following the acquisition, Digital Risk will operate as a standalone business unit retaining its brand while company's founders will continue to lead the company, with Peter Kassabov reporting to Ganesh Ayyar, CEO MphasiS.
The management team and employees of Digital Risk will remain with the company and continue serving their customers.
MphasiS CEO Ganesh Ayyar said Digital Risk offers specialised services in risk and compliance area, specific to mortgage industry.
"Their analytics platform combined with 1500 mortgage specialists makes them unique and differentiated," said Ayyar.