MphasiS to acquire US-based Digital Risk; stock up 4%

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MphasiS to acquire US-based Digital Risk; stock up 4%
MphasiS: Quotes, News
BSE 513.00BSE Quote8.2 (1.60%)
NSE 518.35NSE Quote4.1 (0.79%)
MphasiS, an IT service company and unit of an Hewlett-Packard Company today announced a definitive agreement to acquire Orlando, Florida, USA based Digital Risk LLC.

The shares of the company surged more than 4% and was seen trading at Rs 407, higher by 4.79% on BSE at 9.55 am IST. It touched an intra-day high of Rs 413.

Digital Risk is one of the largest independent providers of Risk, Compliance and Transaction Management solutions to the United States mortgage market.

Digital Risk is expected to register revenues of USD $127 million in CY2012. The company has grown at a revenue CAGR of 70% in the last 3 years.

The acquisition is an all cash deal valued at USD$ 175 million with an additional earn-out component.

Digital Risk's proprietary Making Mortgages SafeTM solutions suite is deployed by over 15 blue chip clients across key mortgage constituencies - Originators, Insurers, Issuers and Investors. Digital Risk is licensed to operate in 46 states in the United States.

Read more about: mphasis
Story first published: Monday, December 3, 2012, 10:04 [IST]
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