HCL to buy mortgage BPO firm Urban Fulfillment Services
HCL Technologies (HCL), a leading global IT services company, today announced an agreement to acquire Urban Fulfillment Services, LLC, (“UFS”), a provider of mortgage business process & fulfilment services.
UFS is a Limited Liability Company incorporated in USA, founded in 2002. With over 350 highly skilled professionals, 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 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 focused 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 licenses.