MphasiS buys US mortgage management firm for $175 mn
MphasiS has plans to expand its footprint in the US creating up to 500 new jobs in the near future.
Digital Risk is expected to register revenues of USD 127 million in CY2012 and has grown at revenue CAGR of 70 per cent in the last three years.
Digital Risk has additional operations in New York, Dallas, Denver, Chicago, Boca Raton, Tampa and Jacksonville.
"We began our journey of transformation in 2010 focusing on the Financial Services Industry. This acquisition is central to our strategy of offering specialised services in chosen segments," MphasiS chief executive officer Ganesh Ayyar said.
Their analytics platform combined with 1,500 mortgage specialists makes them unique and differentiated, he added.
The transaction is currently expected to close by January 2013, subject to regulatory approvals and other customary closing conditions.
Upon completion of the transaction, Digital Risk will operate as a standalone business unit retaining its brand identity.
Digital Risk's founders will continue to lead the company, with Peter Kassabov reporting to Ayyar.
Digital Risk's management team and employees will remain with the company and continue serving their customers.
In this transaction, Avendus Capital acted as the exclusive financial advisor and Goodwin Procter LLP acted as legal advisor to MphasiS.
Portico Capital Securities, LLC served as financial advisor to Digital Risk and Katz, Teller, Brant & Hild acted as legal advisor to Digital Risk.
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