Bangalore based India's third largest IT services company, Wipro Ltd. has signed a definitive agreement to buy Illinois based Opus capital market consultants LLC for $75 million (around Rs. 467 crore), including an deferred earn out component.
Opus capital market consultants was founded in 2005 and is based in Illinois, USA. Company specializes in risk management solutions to mortgage industry in US. Company employees 490 personnels which includes 315 loan underwriters across 5 centres across US. Company offers operational and loan level due diligence, valuation support, advisory services on all class of mortgage products. Its customers include several of the top global banks, mortgage investors, independent mortgage originators and mortgage conduits.
This acquisition is expected to strengthen Wipro's existing mortgage solutions and origination servicing and secondary market business. It will also let Wipro expand in high end mortgage BPO segment and bring platform based risk management offerings.
As per Opus CMC's co founder Joseph Andrea, this industry is at pivotal point with the introduction of new mortgage regulations driven by Consumer Financial Protection Beureau and government agencies.
Moreover, acquisition is subject to few closing conditions and regulatory approvals and is expected to close by Q4 2014. Portico capital securities was the advisor for this transaction on behalf of Opus CMC.
Opus capital market consultants was founded in 2005 and is based in Illinois, USA. Company specializes in risk management solutions to mortgage industry in US. Company employees 490 personnels which includes 315 loan underwriters across 5 centres across US. Company offers operational and loan level due diligence, valuation support, advisory services on all class of mortgage products. Its customers include several of the top global banks, mortgage investors, independent mortgage originators and mortgage conduits.
This acquisition is expected to strengthen Wipro's existing mortgage solutions and origination servicing and secondary market business. It will also let Wipro expand in high end mortgage BPO segment and bring platform based risk management offerings.
As per Opus CMC's co founder Joseph Andrea, this industry is at pivotal point with the introduction of new mortgage regulations driven by Consumer Financial Protection Beureau and government agencies.
Moreover, acquisition is subject to few closing conditions and regulatory approvals and is expected to close by Q4 2014. Portico capital securities was the advisor for this transaction on behalf of Opus CMC.
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