MphasiS will acquire Digital Risk LLC, a provider of risk, compliance and transaction management solutions to the mortgage market. The acquisition is an all-cash deal valued at $175 million, with an additional earn-out component.
MphasiS says Digital Risk provides specialized risk, compliance and transaction management solutions for the mortgage industry. Digital Risk’s proprietary Making Mortgages Safe solutions suite is deployed by more than 15 originators, insurers, issuers and investors.
The transaction currently is expected to close by Jan. 31, 2013, says MphasiS, subject to regulatory approvals and other customary closing conditions. Upon completion of the transaction, Digital Risk will operate as a standalone business unit, retaining its brand identity. Its founders will continue to lead the company, with Peter Kassabov reporting to Ganesh Ayyar, CEO of MphasiS.
MphasiS says Digital Risk’s management team and employees will remain with the company. The acquisition is expected to enhance MphasiS’ onshore presence in the United States, and the company has plans to expand its footprint there, creating up to 500 new jobs in the near future.
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