/ HCL Tech Acquires 100% Stake In Urban Fulfilment Services, LLC ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Monday, 24 April 2017

HCL Tech on Monday has announced that it has acquired Urban Fulfilment Services, LLC. UFS is a limited liability company, incorporated in the USA.

Urban Fulfilment Services, LLC, is mainly engaged in providing mortgage business process and fulfilment services to its customers. The company has more than 350 employees in the USA. It has a turnover of USD 48 million, as for the financial year ended December 31, 2016.

The acquisition will immediately bolster HCL’s presence in the mortgage BPO market. HCL in its filing to the bourses stated that by June 2017, the acquisition will be completed, and will be acquiring 100% outstanding shares of the UFS through cash.

The total cash consideration for this transaction is around USD 30 million, including contingent payment, subject to certain financial milestones.

Mortgage servicing in the USA is a regulated activity, and would require regulatory approval for obtaining the license.

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