MphasiS shares surged more than 6 percent on Monday morning following the IT company's announcement that it had entered into definitive agreement to acquire Orlando, Florida-based Digital Risk LLC in an all cash deal worth USD 175 million plus an additional earn-out component.
Digital Risk provides highly specialised risk, compliance and transaction management solutions for the mortgage industry. The company is licensed to operate in 46 states in the US and its Making Mortgages Safe solutions suite is deployed by over 15 blue chip clients across key mortgage constituencies -- originators, insurers, issuers and investors, MphasiS, owned by computer maker Hewlett Packard, said.
Digital Risk has had a compunded revenue growth of 70 percent over last three years and is expected to clock revenue of USD 127 million in the year-ending December, it added.
The deal is expected to close by Jan 31 next year, subject to regulatory approvals. The company will operate as a standalone business unit and Peter Kassabov, chairman and CEO, will report to MphasiS CEO Ganesh Ayyar.
At 9:30 hrs, MphasiS shares were up 5.1 percent at Rs 408 on NSE.
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