India's largest business process and technology management company Genpact has acquired High Performance Partners, LLC (HPP) and its Quantum Mortgage Technology for undisclosed sum, the company said in a statement today.
Post this deal, Genpact will own 100 per cent stake in company and will leverage the Quantum software platform to support its mortgage business process as a service (BPaaS) offering, the statement added.
Last year in March Genpact had acquired a stake in HPP but had not disclosed the deal amount or how much it has picked.
Incorporated in April 2008, High Performance Partners, LLC provides solutions to the mortgage market. HPP has provided consulting and business solutions to the mortgage market, banks, brokerages, insurance companies, and other financial services companies.
The Quantum platform helps originators and lenders to automate and streamline major elements of the loan origination process, resulting in a shorter loan lifecycle and a more transparent mortgage asset.
Roger Hull, founder and CEO of HPP, will lead the ongoing development of Quantum for Genpact as vice president of Genpact Mortgage Services.
"Mortgage lenders are shifting away from document-centered mortgage technology to data-centric processes that will enable significant process streamlining," Roger Hull, founder and CEO of HPP said.
Genpact, which went public in the US in 2007, is backed by private equity firms Oak Hill Capital Management and General Atlantic. Last month Genpact signed a definitive agreement to acquire US-based media and business research EmPower Research for an undisclosed sum. Early this year, the company had also taken over California-based Cloud company Akritiv Technologies for an undisclosed amount.
In another large deal, NYSE-listed Genpact Ltd, which saw a change of guards earlier this year with Pramod Bhasin stepping down as CEO and giving the reins to NV 'Tiger' Tyagarajan, also acquired Headstrong Corporation, an IT consulting and services company, for a cash consideration of $550 million.