iGate acquires equity in US-based Mortgage co

Mumbai, Apr 24: iGate Global Solutions Ltd has acquired five per cent equity stake in the Horsham, USA-based Loan Pro LLC (LP), which will enhance its equity stake in LP to 60 per cent by July 01 this year.

Informing the BSE, the company said the consideration payable by it for this equity is insignificant. LP is engaged in mortgage origination related services. It focuses on the mid-market mortgage segment and operates on a shared services model using its proprietary technology platform.

LP charges transaction based price for its services, while maintaining a balanced skill set of domain experience designed to yield enhanced value to its client partners. Its proprietary technology enables it to provide services relating to lending operations in all states in the US.

This investment complements the companys vision to become a leading iTOPS (integrated Technology and Operations) player and enhances its presence in the mortgage space, which is one of its top growth areas.

UNI