India's Wipro to buy U.S. mortgage services firm for $75 million

BANGALORE Mon Dec 2, 2013 7:27am EST

People walk in the Wipro campus in Bangalore June 23, 2009. REUTERS/Punit Paranjpe

People walk in the Wipro campus in Bangalore June 23, 2009.

Credit: Reuters/Punit Paranjpe

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BANGALORE (Reuters) - Wipro Ltd. (WIPR.NS), India's No. 3 IT services provider, has agreed to purchase U.S.-based mortgage services provider Opus Capital Markets Consultants LLC for $75 million to boost its offerings for financial services clients.

The acquisition, subject to regulatory approvals, will add over 490 employees, including 315 loan underwriters spread across five centers in the United States, to Wipro's headcount, the Indian company said in a statement on Monday.

Opus offers operational and loan-level due diligence, valuation support, forensic analysis, and advisory services for all classes of mortgage products. Its customers include several top global banks and mortgage companies, Wipro said.

The deal is expected to close in the January-March quarter, it said.

Wipro's profit for the July-September quarter beat analyst estimates, but lagged revenue growth of its local peers such as sector leader Tata Consultancy Services (TCS.NS), which garner a larger proportion of their revenues from financial clients.

(Reporting By Harichandan Arakali; Editing by Prateek Chatterjee)

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Comments (2)
tmc wrote:
We should NOT allow this. They have a different kind of society. The concept of our mortgages mixed with their society will hurt America terribly.

Dec 02, 2013 12:56pm EST  --  Report as abuse
dileepp89 wrote:

Wipro, Infosys and HCL have given employment to thousands of Americans in the US and abroad. Noting is going to happen.. cool

Dec 03, 2013 6:11am EST  --  Report as abuse
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