MphasiS Acquires Digital Risk LLC For $175M
December 3, 2012 3:42 PM EST
MphasiS Ltd, the Indian IT services and back-office support provider and a unit of Hewlett-Packard Co, has agreed to buy U.S.-based Digital Risk LLC, a mortgage management specialist, for $175 million.
The purchase furthers MphasiS' strategy of focusing on financial services clients, a shift the company started in 2010, CEO Ganesh Ayyar said in a statement.
Florida-based Digital Risk sells software, analytics and forensics solutions that mortgage providers and insurers can employ to reduce risk of default and ensure regulatory compliance, according to the statement.
Bangalore-headquartered MphasiS expects the all-cash deal to conclude by January 31, subject to regulatory approvals.
Privately held Digital Risk has 1,500 staff and expects $127 million in revenue for the year ending December 2012.
Avendus Capital acted as financial adviser and Goodwin Procter LLP acted as legal adviser to MphasiS. Portico Capital Securities LLC served as financial adviser to Digital Risk.
Most Popular Slideshows
- Prince Harry & Camilla Thurlow Getting Serious, St. Tropez Holiday Before The Prince’s 30th Birthday [PHOTOS]
- Angelina Jolie & Brad Pitt Heads to Malta For New Movie After A Whirlwind French Wedding [PHOTOS]
- Prince William & Kate Middleton Caught Flirting In A Countryside Dinner Date [PHOTOS]
- Chris Martin Getting Serious With Jennifer Lawrence, Actress Joining Coldplay Tour [PHOTOS]
Join the Conversation
- Apple iPhone 6 Actual Release Date after September 9 Confirmed 128GB Variant with New Resolution
- Moto G2 Release Roundup: Specs, Pricing, and Release Date Details
- PlayStation 4 Killing Xbox One Costing Microsoft Millions But It's Fine
- Google Chrome 64-bit for Windows 8 and Window 7 with Mac Beta Available
- Apple iOS 8 vs Android 5.0 L: OS Wars Puts Android to Lower while Apple to Higher
- Nexus 6 on Release Date Confirmed with Phablet-Size Display as FCC Filing Hints of 5.9-Inch Screen
- Google Can Kill Samsung with Android KitKat and Android One: Here's How