Genpact to buy MoneyLine

NEW DELHI: Genpact, India’s leading BPO services and technology solutions firm, has decided to buy US-based Money-Line Lending Services, a specialised provider of end-to-end mortgage services.

The companies did not disclose the deal size, but an industry official said usually US firms in the sector were being valued at less than revenue, at times just about half that size. MoneyLine revenues are in the region of $20 million, and that could put the deal size at $10-20 million. The deal is expected to close in August.

“This is another great acquisition for us,” said Genpact president & CEO, Pramod Bhasin. “It enables Genpact to deepen its offerings in mortgage services business. There is tremendous opportunity within this $30 billion market to streamline costs and pass those savings back to lenders and consumers,” he added.