India's number three IT services provider Wipro Ltd said in its statement on Monday that it has entered an agreement to purchase US-based mortgage services provider Opus Capital Markets Consultants LLC. The acquisition of Opus by Wipro was said to be the latter's strategy to boost its offerings focused on clients in the financial services. The deal is expected to be finalized within the first quarter next year, the statement read.
Headquartered in Bangalore, Karnataka, India, Wipro Limited is an Indian multinational company that provides services in the information technology, consulting and outsourcing service market segments, based from its website. Wipro also said in its newly-released statement that it also offers add-on services for all mortgage product classes like operational and loan-level due diligence, valuation support, forensic analysis, and advisory services. Wipro counts several top mortgage companies and global banks as its clients.
On the other hand, Opus Capital Markets Consultants, LLC is a privately-held firm founded in 2005 that offered trusted financial products and services to capital markets participants, according to its website.
Wipro Senior Vice President and Head - BPO Manoj Punja said, "We welcome Opus CMC's employees to the Wipro family. This acquisition will help us expand in the high end Mortgage BPO segment, and brings differentiated capability with a platform-based risk management offering. Opus CMC has an experienced management team with a deep understanding of the emerging needs of this business. We believe Opus CMC will continue to lead with their innovative offerings and extend these capabilities to Wipro's banking and financial services customers as well. 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."
Opus Co-founders and Principals Joseph Andrea and Jennifer LaBud said about the merger, "We are excited about the opportunity to join hands with Wipro and continue to be a dominant player in the industry with increased range and scale of offerings for our clients. Our industry is at a pivotal point with the introduction of new mortgage regulations driven by the CFPB (Consumer Financial Protection Bureau) and government agencies. Wipro and Opus CMC will jointly assist our clients in navigating this challenging and changing business environment and help build reliable outcomes in mortgage origination and secondary market operations."
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