HCL acquires UFS

Q.  Which IT major has acquired UFS on April 24, 2017?
- Published on 25 Apr 17

a. HCL Technologies
b. IBM
c. Wipro
d. None of the above

ANSWER: HCL Technologies
HCL acquires UFSHCL Technologies on 24th April acquired announced the acquisition of U.S.-based provider of mortgage business process and fulfilment services - Urban Fulfillment Services (UFS) - for USD 30 million.

The deal with UFS, which has more than 350 employees and operates out of three centres in the U.S., strengthens HCL’s capabilities in mortgage BPO services, loan fulfilment and debt servicing space.

The company said that the it would be acquiring 100% stake in UFS. The total cash consideration for this transaction is up to $30 million, including contingent payments subject to certain financial milestones.

Mortgage servicing is a regulated activity in the U.S. and the transaction requires would require regulatory approvals for getting licences.

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