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Firstsource Group USA, Inc. Enters into Definitive Agreement to Buy US-based ISGN's Business Process Outsourcing DivisionFirstsource Group USA, Inc., wholly owned subsidiary of Firstsource, a RP-Sanjiv Goenka Group Company and a global provider of customized Business Process Management (BPM) services, today announced that it has signed a definitive agreement with ISGN Corporation™ ("ISGN"), a leading provider of end-to-end technology solutions to the U.S. mortgage industry, to buy its Business Process Outsourcing (BPO) business. The transaction is subject to customary closing conditions and is expected to close within the next four months. This transaction includes outsourced mortgage origination and mortgage servicing, title and settlement services and the valuation business of ISGN. Firstsource specializes in BPM solutions that serve organizations in the banking, financial services, insurance, healthcare, telecommunications and media verticals. "The acquisition marks Firstsource's penetration into the growing U.S. mortgage BPO market. ISGN's deep knowledge in the mortgage outsourcing space coupled with a set of marquee customers provides us with significant opportunities to cross-sell capabilities and leverage our global relationships. e welcome ISGN employees to the Firstsource family and wish them continued success," said Sanjiv Goenka, chairman of Firstsource. Strengthening Firstsource's services capabilities and offerings suite, this acquisition provides clients with a competitive and adaptive edge in a market that is constantly witnessing regulatory changes and evolving customer behavior. "We are extremely excited by this transaction and the capabilities that Firstsource brings to our prestigious client base. The global capabilities of Firstsource coupled with the domain depth of ISGN represents a winning combination for the market that is seeking transformation solutions," said Amit Kothiyal, CEO of ISGN. "We are very pleased with this outcome and the value it brings to both our clients and our talented team." ISGN retains a robust mortgage technology lending solutions portfolio, including its next-generation LoanDynamix™ servicing system, Tempo™ default management system, LoanMomentum™ construction loan servicing system, Gators® vendor management and settlement services system, as well as compliance technology, CFPB Compliance RiskCheck™. About Firstsource Firstsource (NSE: FSL, BSE: 532809, Reuters: FISO.BO, Bloomberg (News - Alert): FSOL@IN), a RP-Sanjiv Goenka Group company, is a global provider of customized BPM (Business Process Management) services to the Banking & Financial Services, Insurance, Telecommunications, Media and Publishing and Healthcare sectors. The company's clients include FTSE 100, Fortune 500 and Nifty 50 companies. Firstsource has a "Rightshore" delivery model with operations in India, the Philippines, Sri Lanka, the UK and the US. (www.firstsource.com). About ISGN ISGN is a leading end-to-end provider of mortgage technology, impacting over 5.5 million of all U.S. mortgage loans. Our domain and technology experts have spent more than 25 years creating award-winning technologies and solutions to help financial institutions improve precision, reduce risk, manage volatility and effectively transform their business. With flexible staffing and delivery models, ISGN is uniquely positioned as one of the few comprehensive end-to-end mortgage service providers to both the origination and servicing sectors. The company works with a majority of the top ten national lenders, as well as with regional lenders, nonbanks, credit unions and community banks. For more information, visit www.ISGN.com. View source version on businesswire.com: http://www.businesswire.com/news/home/20160128005552/en/ |
