HCL Technologies Ltd.

HCL Technologies (HCL), a leading global IT services company, has entered into an agreement to acquire Urban Fulfillment Services, LLC, (UFS), a provider of mortgage business process & fulfillment services. The acquisition of UFS strengthens HCL’s capabilities in mortgage BPO services, loan fulfillment and debt servicing space.

The company 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.

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 fulfillment services to its customers.