Wipro to acquire US BPO firm for $ 75 mn biz [Mail Today (India)]
(Mail Today (India) Via Acquire Media NewsEdge) THE country's fourth largest IT services exporter Wipro said on Monday that it would acquire Opus Capital Markets Consultants LLC ( Opus CMC), a USbased business process outsourcing ( BPO) provider of mortgage due diligence and risk management services, for $ 75 million— the company's 20th acquisition since 2000. The purchase tag, however, includes a deferred earn- out component.
Opus CMC is expected to close 2013 with revenues of $ 43.4 million. The acquisition will be completed during the fourth quarter of 2013- 2014 and provide struggling Wipro a muchneeded inorganic revenue boost. In the September quarter, Wipro's revenues increased 2.7 per cent over the June quarter to $ 1.63 billion. In contrast, rival Tata Consultancy Services' revenues jumped 5.4 per cent sequentially while Infosys grew 3.8 per cent.
Wipro said that Opus CMC has been growing at more than 30 per cent for the last three years. Headquartered in Lincolnshire, Illinois, the company has over 490 employees. The company has five centres in the US. The purchase will strengthen Wipro's mortgage solutions and outsourcing business while complementing its existing offerings in mortgage origination, servicing and secondary market.
Manoj Punja, senior vicepresident and head of BPO, Wipro, said that the acquisition would bring differentiated capability with a platformbased risk management offering.
" We believe Opus CMC will continue to lead with their innovative offerings and also extend these capabilities to Wipro's banking and financial services customers. Our vision is to leverage Wipro's offerings with Opus CMC's 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."
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