Genpact Mortgage Services Inc., a subsidiary of business process outsourcing firm Genpact, has invested an undisclosed sum in High Performance Partners, Llc (HPP), a technology solutions provider in California. HPP is a privately held company and develops software platforms for the mortgage industry.
With this investment, Genpact will leverage HPP’s technology platform called Smart Enterprise Processes (SEPSM), which is largely used in mortgage services to offer end-to-end solutions to decrease cycle times, automate loan processes, increase pull-through ratios, and reduce processing and hedging costs, said a company statement. HPP also has automated data provisioning and decisioning tools, which can be implemented easily in any existing system. It offers technology-based solutions to the mortgage origination and loss-mitigation market.
The company believes the partnership will help it deliver automated mortgage originations to its clients effectively on an on-shore, off-shore or blended-shore basis. Taylor Woods, president, Genpact Mortgage Services, said, in the statement, “The combination of Genpact’s mortgage services capabilities and HPP’s technologies provides a game-changing proposition to the market.”
Genpact Ltd, through its subsidiary Genpact Mortgage Services, offers mortgage business process outsourcing services, including on-shore customer management and relationship services. The company was formed in 1996 as Moneyline Lending Services, Inc. and renamed as Genpact Mortgage Services, Inc. in 2006. It is based in California and has presence in India as well.
The parent company Genpact has also increased its secondary offering of shares to 33.6 million from the earlier 28 million shares. The offering will see original promoter General Electric, private equity funds General Atlantic Llc and Oak Hill Capital Partners, along with Wachovia partially exiting the firm. The offering has been priced at $15 per share, which will fetch the shareholders a sum of $504 million.
Genpact recently acquired Symphony Marketing Solutions, Inc. (SMS), a provider of analytics and data management services with expertise in retail, pharmaceutical and consumer packaged goods industries.
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