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Bangalore, April 24

iGate Global Solutions Ltd has picked up a five per cent equity stake in Loan Pro, a US-based mortgage origination services firm for an undisclosed sum and expects to enhance the stake further to 60 per cent by July 1, 2006.

Mr N. Ramachandran, CFO, iGate, said "The consideration for the stake was insignificant but the deal was strategic as it will strengthen our offerings in the mortgage services space." iGate would take over LP's proprietary technology platform and transition it to India, he said. Loan Pro focuses on the mid-market mortgage segment and operates on a shared services model using its platform.

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