Wipro to buy U.S. mortgage services firm for $75 million

[KRAIT]

(Reuters) -WiproLtd. (WIPR.NS), India's No. 3 IT services provider, has agreed to purchase U.S.-based mortgage services provider Opus Capital Markets Consultants LLC for $75 million to boost its offerings for financial services clients.

The acquisition, subject to regulatory approvals, will add over 490 employees, including 315 loan underwriters spread across five centres in the United States, to Wipro's headcount, the company said in a statement on Monday.

Opus offers operational and loan-level due diligence, valuation support, forensic analysis, and advisory services for all classes of mortgage products. Its customers include several top global banks and mortgage companies, Wipro said.

The deal is expected to close in the January-March quarter, it said.

Wipro's profit for the July-September quarter beat analyst estimates, but lagged revenue growth of its local peers such as sector leaderTata ConsultancyServices (TCS.NS), which garner a larger proportion of their revenues from financial clients.

(Reporting By Harichandan Arakali; Editing by Prateek Chatterjee)

Wipro to buy U.S. mortgage services firm for $75 million| Reuters

 

[anant_s]

Indian companies have made a very good use of recession and an array of M&A speak of the confidence of Indian companies to compete in new sectors and markets. Tata for example have acquired so many iconic british brands and it is good to see other national giants following the path.