The Hindu Business Line : iGate ups stake in Loan Pro to 60 pc

As expected, iGate Global Solutions Ltd has enhanced its stake in Loan Pro LLC (LP), a US-based mortgage origination services firm, to 60 per cent. The company had acquired a 5 per cent stake in LP in April this year. iGate said the consideration paid for this equity is insignificant but did not disclose the actual amount.

iGate would take over LP's proprietary technology platform and transition it to India. LP is engaged in mortgage origination related services. It focuses on the mid-market mortgage segment and operates on a shared services model using its proprietary technology platform.

LP charges transaction based price for its services. LP maintains a balanced skill set of domain experience designed to yield enhanced value to its client partners. Its proprietary technology enables it to provide services relating to lending operations in all States in the US. This investment complements iGate's vision to become a leading iTOPS (integrated technology and operations) player and enhances its presence in the mortgage space, which is one of its top growth areas.

iGate shares ended lower by a per cent on Monday at Rs 192.95. The company said that it would announce its second quarter results on July 12.

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