Wipro buys Gallagher Financial Systems

Wipro Technologies, the IT services business of Wipro Ltd, has acquired South Miami (US)-based mortgage solutions provider Gallagher Financial Systems.

Although the company is not disclosing the size of the acquisition, sources close to the development said the company might have paid close to $6 million to acquire the company which employs over 150 people in the US.

Post the acquisition which was completed in July this year, the combined entity is known as Wipro Gallagher Solutions. Founded in 1985, Gallagher has developed a few technologies targeting the lending industry. Its flagship product, NetOxygen is a loan origination and processing software which is designed to handle all aspects of the lending process for all channels and loan types.

Wipro intends to use the software for its BPO services for the banking clients for their mortgage and loan processing requirements.

“Initially, Wipro will be able to offer an end-to-end loan origination solution utilising NetOxygen technology and optimised business processes. Our clients will progressively realise benefits from a single source provider that can leverage the global delivery model, data center expertise, application and infrastructure management thereby optimising on their overall spend in loan origination and processing,” said a company statement.