Indian IT major HCL Technologies will acquire Urban Fulfillment Services, a US-based mortgage business process and fulfilment services provider. This acquisition will help HCL Technologies strengthens its capabilities in mortgage BPO services, loan fulfillment and debt servicing space.
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, said HCL.
UFS is a Limited Liability Company incorporated in USA, founded in 2002. With over 350 employee, UFS operates out of 3 centres in the US, engaged in providing mortgage business process and fulfilment services to its customers.
“The acquisition of Urban Fulfillment Services strengthens HCL’s capabilities in mortgage BPO services, loan fulfillment and debt servicing spcae,” 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,” he added.
Mortgage servicing is a regulated activity in USA and the transaction would require regulatory approvals for obtaining the licenses.