HCL to acquire Urban Fulfilment Services
HCL Technologies (HCL) has entered into an agreement to acquire Urban Fulfilment Services (“UFS”), LLC.
“The acquisition of Urban Fulfilment Services strengthens HCL’s capabilities in mortgage BPO services, loan fulfilment and debt servicing space,” 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.”
“The synergies between UFS’ client focussed and efficient business processing services and HCL’s technology leadership and financial strength will create an unparalleled competitor and leading provider of state-of-the-art services to the enterprise customers,” said Charles S. Sanders, CEO of Urban Lending Solutions. “I am very excited about joining the HCL team and being part of such a capable and progressive company that will deliver the highest level of services to the industry.”
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. Mortgage servicing is a regulated activity in USA and the transaction would require regulatory approvals for obtaining the licences.
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