Wipro to acquire US-based Opus CMC for Rs 467 crore
The deal to strengthen IT giant's mortgage solutions business in North America.
By : DC Correspondent
Update: 2013-12-02 19:20 GMT
New Delhi: Wipro on Monday said it will acquire US-based Opus Capital Market Consultants for USD 75 million (over Rs 467 crore) to strengthen its mortgage solutions business in North America.
The acquisition, which is expected to be completed in the fourth quarter (January-March) of 2013-14 fiscal, will aid Wipro in managing risks and identifying profitable growth opportunities in the existing loan portfolio as well as new originations.
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The purchase agreement of USD 75 million includes a deferred earn-out component, Wipro said without giving further details of the deal with.
It will also strengthen the company's mortgage (home loans) solutions and outsourcing business, Wipro said in a statement.
"This acquisition will help us expand in the high-end mortgage BPO segment and bring differentiated capability with a platform-based risk management offering," Wipro Senior Vice President and Head - BPO Manoj Punja said.
The company intends to leverage Opus' 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, he added.
Founded in 2005, Opus is a mortgage due diligence and risk management services firm with over 490 employees, including over 315 loan underwriters spread across five centres in the US.
Portico Capital Securities served as the exclusive financial advisor to Opus.
Opus offers operational and loan level due diligence, valuation support, forensic analysis and advisory services on all classes of mortgage products, residential and commercial.