Business Daily from THE HINDU group of publications
Tuesday, Aug 01, 2006
Business Daily from THE HINDU group of publications Tuesday, Aug 01, 2006 |
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Info-Tech
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Outsourcing Corporate - Mergers & Acquisitions Genpact to acquire US co MoneyLine Our Bureau
New Delhi , July 31
Genpact announced on Monday its plans to acquire US-based MoneyLine Lending Services, a specialised provider of end-to-end mortgage origination and fulfilment services. Founders Mr Evan Gentry, President and CEO, Mr Taylor Woods, Executive Vice-President (Operations and IT), and Mr Brad Barber, Executive Vice-President (Financial Institutions), will remain with MoneyLine, which will become part of Genpact Mortgage Services. Terms of the deal, expected to close in August, were not disclosed. Genpact's President & CEO Mr Pramod Bhasin said, "This is another great acquisition for us. Not only does Genpact share MoneyLine's values of integrity and process excellence, it gives MoneyLine access to our global delivery capability and enables Genpact to deepen its offerings in the mortgage services business. There is tremendous opportunity within this $30-billion market to streamline costs and pass those savings back to the lenders and consumers."
Creditek buy
Last year, Genpact acquired Creditek, a revenue cycle management and order-to-cash outsourcing services company based in Parsippany, New Jersey. Since that acquisition in July 2005, Creditek's contracts as a Genpact subsidiary have quadrupled. "As Genpact Mortgage Services, we will continue to provide our proven mortgage solutions with the personalised service and private-label approach MoneyLine is known for, while gaining Genpact's robust global delivery and world-renowned process tools that will give our business a much broader reach," said Mr Gentry, who will become President & CEO of Genpact Mortgage Services.
More Stories on : Outsourcing | Mergers & Acquisitions | Overseas Investments | Financial Services
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