HCL Technologies Acquires U.S. Based Urban Fulfillment For Up To $30 Million In Cash

HCL Technologies Ltd. acquired Urban Fulfillment Services LLC as it looks to bolster its presence in the mortgage business process outsourcing market.

HCL will buy the U.S.-based company in an all-cash deal for a total consideration of up to $30 million, the company said in an exchange filing. The transaction is expected to be completed by June 2017, subject to certain closing conditions and customer approvals.

Urban Fulfillment Services had a turnover of $48 million for the financial year ended December 31, 2016. The company, which has been undergoing restructuring, has more than 350 employees.