NEA leads 25 mn dlr investment in ISGN Technologies

Bangalore, June 14: New Enterprise Associates has invested $ 20 million in ISGN Technologies Ltd., which is a leading provider of complete solutions and platform based knowledge process outsourcing services to the US mortgage industry.

NEA leads this $ 25 million investment alongside NEA-IndoUS Ventures (NEA-IUV), an NEA statement said.
Proceeds from the financing will be used to strengthen ISGN's global delivery infrastructure, expand sales and marketing initiatives and significantly increase the company's momentum.

This announcement follows a series of recently announced strategic acquisitions by ISGN in the US mortgage solutions space, it said.

NEA General Partner and newly appointed ISGN board member, Mark Perry, said: "With operations in both India and the US, ISGN is a highly-competitive technology-enabled KPO with deep mortgage expertise serving a broad range of lenders with a full suite of complementary products and services. We look forward to this venture and ISGN's continued success."

ISGN provides technology solutions, advisory services and KPO to lenders that originate and refinance in the US each year. ISGN holds an 18 per cent market share and initiates approximately $ 500 billion worth of loans through its various platforms in the residential and construction lending space, the statement said.

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