Genpact to acquire MoneyLine Lending Services
31 July 2006 | 1991 views | 0
Genpact, a global provider of business services and technology solutions, announces it plans to acquire Irvine, CA- based MoneyLine Lending Services, a specialized provider of end-to-end mortgage origination and fulfillment services.
Founders Evan Gentry, president and CEO; Taylor Woods, executive vice president, Operations and IT; and Brad Barber, executive vice president, financial institutions; will remain with MoneyLine, which will become part of Genpact Mortgage Services. Terms of the deal, expected to close in August, were not disclosed.
"This is another great acquisition for us," commented Genpact President & CEO Pramod Bhasin. "Not only does Genpact share MoneyLine's values of integrity and process excellence, it gives MoneyLine access to our global delivery capability and enables Genpact to deepen its offerings in the mortgage services business. There is tremendous opportunity within this $30 billion market to streamline costs and pass those savings back to the lenders and consumers," added Bhasin.
Last year when it was known as GE Capital International Services, Genpact acquired Creditek, a leader in revenue cycle management and order-to-cash outsourcing services based in Parsippany, NJ. Since that acquisition, in July 2005, Creditek's contracts as a Genpact subsidiary have quadrupled, Bhasin said.
Established in 1996, MoneyLine today is the exclusive provider of outsourced mortgage services for more than 50 financial institution clients, including 10 signed in 2006.
"As Genpact Mortgage Services we will continue to provide our proven mortgage solutions with the personalized service and private-label approach MoneyLine is known for, while gaining Genpact's robust global delivery and world-renowned process tools that will give our business a much broader reach," said Evan Gentry, who will become president & CEO of Genpact Mortgage Services.
"Essentially we are providing the ultimate outsourced mortgage solution, utilizing the best of onshore, global delivery, scale and global resources to address the outsourcing needs of large mortgage producers worldwide," Gentry summarized.
Genpact this year has been recognized by various third parties for its high employee-satisfaction rankings and people practices. In addition, the National Association of Software and Service Companies (Nasscom) last month rated Genpact the number one third-party BPO in India. Formerly part of GE, the company employs 25,000 professionals in India, China, the Philippines, Hungary, Romania, Mexico and the United States.