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.