Firstsource Solutions Ltd., a global provider of customized business process management services, has acquired the business process outsourcing (BPO) business of ISGN, a provider of technology solutions and services to the mortgage industry.
The acquisition marks Firstsource’s strategic entry into the U.S. mortgage market. The division provides origination, servicing, title and valuation services to many banks and non-bank lenders in the U.S.
Firstsource says it will retain more than 700 employees from ISGN’s BPO division in the U.S. and India.
“We’re looking forward to introducing ISGN into the Firstsource family and expanding our capabilities in the U.S. mortgage BPO market with the company’s impressive customer portfolio,” says Rajesh Subramaniam, managing director and CEO of Firstsource, in a release. “The acquisition will bring Firstsource an experienced and strong management team from ISGN supported by employees with significant domain and delivery expertise that will enable Firstsource a strategic entry into the growing U.S. mortgage business.”
The deal is expected to close within the next few months.