Wipro to acquire Opus CMC

Wipro has signed a definitive agreement to acquire Opus CMC (Opus Capital Markets Consultants LLC) for a purchase consideration of USD 75 mn, which includes a deferred earn-out component.

The acquisition is subject to customary closing conditions and regulatory approvals and will be completed in FYQ4, 2014.

"The acquisition will strengthen Wipro's mortgage solutions and outsourcing business and complement its existing offerings in mortgage origination, servicing, and secondary market," the company said in a statement.

"Founded in 2005 and headquartered in Lincolnshire, Illinois, Opus CMC provides comprehensive risk management solutions to the mortgage industry in the United States. It has over 490 employees, including over 315 loan underwriters, spread across five centers in the US," the statement said.

"Opus CMC offers operational and loan level due diligence, valuation support, forensic analysis, and advisory services on all classes of mortgage products, residential and commercial, ranging from re-underwriting whole loans to collateral reviews of securitized pools. Its customers include top global banks, mortgage conduits, mortgage investors, and independent mortgage originators," it said.

"This acquisition will help us expand in the high-end mortgage BPO segment, and bring differentiated capability with a platform-based risk management offering. Opus CMC has an experienced management team with a deep understanding of the emerging needs of this business. 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. Our vision is to leverage," said Manoj Punja, Senior Vice President and Head, BPO, Wipro.

" Wipro and Opus CMC will jointly assist our clients in navigating this challenging and changing business environment and help build reliable outcomes in mortgage origination and secondary market operations," said Joseph Andrea and Jennifer LaBud, Co-Founders and Principals, Opus CMC.

" Execution capabilities in legacy books, combined with deep knowledge of regulatory frameworks and the ability to efficiently implement them, will be essential for success," said Dan Latimore, Senior Vice-President of Celent's Banking Practice.