HCL Tech Acquires U.S. Mortgage Firm Urban Fulfillment Services for $30 Million

Indian IT firm HCL Technologies has agreed to acquire Urban Fulfillment Services (UFS), a U.S.-based mortgage business process outsourcing (BPO) firm, for $30 million.

The acquisition strengthens HCL’s capabilities in the debt service space, the most lucrative segment of the U.S. housing market.

Broomfield, Colorado-based UFS has more than 350 employees and runs three delivery centers across the country.

“Combining UFS’ talent and client portfolio with HCL’s deep industry expertise and business acumen, offers us the unique opportunity to provide platform–based services on our own platform, driving transformation through robotics process automation,” said Anoop Tiwari, Corporate Vice President, HCL Technologies, in a statement.

Founded in 2002, UFS reported $48 million in revenue for the 2016 fiscal year. In addition, its revenue is growing significantly year after year. Its annual income jumped to $39 million in 2015 from about $18 million in the previous year.

With more than $6.7 billion in annual revenue and delivery centers in about 32 countries, HCL is striving hard to compete with its domestic peers such as TCS and Infosys. Like its competitors, it is acquiring smaller competitors to keep pace with the changing technology market.

In the past two years, HCL acquired three major firms in Western markets, including the Volvo’s IT business and Butler America Aerospace.