Wipro to acquire US firm for $75 mn

Acquisition to help Wipro expanding capabilities in mortgage BPO segment

Wipro, India’s third largest information technology services company, has signed an agreement to buy Opus Capital Markets Consultants for $75 million (Rs 467 crore). The amount includes a deferred earn-out component, the Bangalore-headquartered company said on Monday.

Founded in 2005 and headquartered in Lincolnshire, Illinois, US, Opus provides risk management solutions to the mortgage industry in that country. It has 490 employees, including 315 loan underwriters, spread across five cities in the US.

Boost to mortgage business
The acquisition will strengthen Wipro’s mortgage solutions and outsourcing business, apart from complementing its offerings in mortgage origination, servicing and secondary market.

“This acquisition will help us expand in the high-end mortgage BPO segment and brings differentiated capability with a platform-based risk management offering,” said Manoj Punja, senior vice-president and head, business process outsourcing.

“Our vision is to leverage Wipro’s offerings with Opus CMC’s capabilities and knowledge base to create an end-to-end offering for all mortgage players, with a greater degree of automation and application of analytics,” he added.

In May this year, Wipro announced it would acquire a minority stake in Opera Solutions, a global big data and analytics company, for $30 million (Rs 162 crore).