HCL Tech to acquire Urban Fulfillment Services for $30 mn

India's fourth largest software services firm HCL Technologies today said it will acquire US- based Urban Fulfillment Services (UFS) for up to USD 30 million (over Rs 193 crore) in cash.
UFS is a provider of mortgage business process and fulfilment services. Founded in 2002, the company has over 350 highly skilled professionals. It has three centres in the US.
The total cash consideration for this transaction is up to USD 30 million, including contingent payments subject to certain financial milestones, HCL said in a regulatory filing.
The deal is expected to be completed by June this year, subject to certain closing conditions including transfer of licences and approval of the customers, it added.

Mortgage servicing is a regulated activity in the US and the transaction would require regulatory approvals for obtaining the licences.
"The acquisition of UFS strengthens HCL's capabilities in mortgage BPO services, loan fulfilment and debt servicing space," said HCL Technologies Corporate Vice President and Global Head - Business Services Anoop Tiwari.
The UFS turnover in 2016 was USD 48 million.