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.
HCL Technologies stock rose as much as 1.4 percent to Rs 824.4 after the announcement.