Wednesday, December 4, 2013

Wipro to buy US-based Opus Capital Markets Consultants for $75 mln

5DECEMBER2013
New Delhi: India's third largest software services company Wipro Ltd Monday said that it has agreed to acquire US-based mortgage services provider Opus Capital Markets Consultants LLC for $75 million.
The amount of $75 million includes a deferred earn-out component, Wipro said in a statement filed with the stock exchanges.
The acquisition is, however, subject to regulatory approvals and is expected to be completed in Jan-Mar 2014, it added.

Opus Capital Markets Consultants, founded in 2005 and headquartered in Lincolnshire, has over 490 employees, including over 315 loan underwriters, spread across five centers in the US.
"This acquisition will help us expand in the high end mortgage BPO segment, and brings differentiated capability with a platform-based risk management offering," Manoj Punja, senior VP and Head - BPO, Wipro, said.
Wipro has been struggling to catch up with larger rivals TCS and Infosys, which have stronger presence in the financial services sector that is the largest consumer of the IT services.

VIJAY YADAV
PGDM 1SEM
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