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Monday, December 2, 2013

India's Wipro to purchase US mortgage services firm for $75 million, (NYSE: WIT)

Wipro Ltd., India's No. 3 IT services provider, has agreed to purchase U.S.-based mortgage services provider Opus Capital Markets Consultants LLC for $75 million to boost its offerings for financial services clients. The acquisition, subject to regulatory approvals, will add over 490 employees, including 315 loan underwriters spread across five centres in the United States, to Wipro's headcount, the Indian company said in a statement on Monday.Opus offers operational and loan-level due diligence, valuation support, forensic analysis, and advisory services for all classes of mortgage products. Its customers include several top global banks and mortgage companies, Wipro said.The deal is expected to close in the January-March quarter, it said.Wipro's profit for the July-September quarter beat analyst estimates, but lagged revenue growth of its local peers such as sector leader Tata Consultancy Services, which garner a larger proportion of their revenues from financial clients.

Wipro Limited (Wipro) is a global information technology (IT), services company. Shares of WIT remained unchanged at $11.67. In the past year, the shares have traded as low as $6.91 and as high as $11.98. On average, 801205 shares of WIT exchange hands on a given day and today's volume is recorded at 0.