HCL Tech completes acquisition of UFS

New Delhi: The country's fourth largest IT services company HCL Technologies on Friday said it has completed the acquisition of Urban Fulfilment Services, LLC.

HCL had, in April this year, announced it will acquire Urban Fulfilment Services, a provider of mortgage business process and fulfilment services.

The acquisition has been completed with effect from August 24, 2017, the company said in a regulatory filing.

UFS was founded in 2002 and has over 350 employees and operates out of three centres in the US.

In a statement issued on April 24, HCL had said it will be acquiring 100 per cent stake in UFS, and that the total cash consideration for this transaction is up to USD 30 million, "including contingent payments subject to certain financial milestones".

The company had further said that the acquisition of UFS will bolster its capability in mortgage BPO services, loan fulfilment and debt servicing space.