The technology firm Wipro (WIT) has agreed to buy Opus Capital Markets Consultants, which provides mortgage due diligence and risk management.
The Bangalore, India-based Wipro, which is one of the top 25 enterprise technology providers to the financial services industry, plans to pay $75 million for Opus, a price that includes a deferred earn-out payment. The deal is intended to help Wipro improve its mortgage and outsourcing offerings and bolster its origination and servicing business, it said in a news release Monday.
Opus provides banks, mortgage companies and investors with a variety of services including due diligence, valuation and forensic analysis on all classes of mortgage products. Founded in 2005, it is based in Lincolnshire, Ill., and has 490 employees at five offices across the country.
"This acquisition will help us expand in the high-end mortgage BPO segment, and brings differentiated capability with a platform-based risk management offering," said Manoj Punja, Wipro's head of BPO, in the news release. "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."
Portico Capital Securities advised Wipro on the agreement, which is expected to close next year.