Wipro to acquire Opus CMC for over Rs 467 cr

Posted By: Religare
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Wipro to acquire Opus CMC for over Rs 467 cr
Country's third largest software services firm Wipro said it will acquire US-based Opus Capital Market Consultants for USD 75 million (over Rs 467 crore) to strengthen its mortgage solutions business in North America, reported PTI.

The acquisition, which is expected to be completed in the fourth quarter (January-March) of 2013-14 fiscal, will aid Wipro in managing risks and identifying profitable growth opportunities in the existing loan portfolio as well as new originations, said the report.

The purchase agreement of USD 75 million includes a deferred earn-out component, Wipro said without giving further details of the deal with. It will also strengthen the company's mortgage (home loans) solutions and outsourcing business, Wipro said in a statement.

"This acquisition will help us expand in the high-end mortgage BPO segment and bring differentiated capability with a platform-based risk management offering," Wipro Senior Vice President and Head - BPO Manoj Punja said.

The company intends to leverage Opus' 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. ortico Capital Securities served as the exclusive financial advisor to Opus.

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