NRI venture capitalist Vinod Dham’s New Enterprise Associates (NEA) has picked up a minority stake in KK Birla-promoted mortgage BPO ISGN for about $25 million. According to market sources, the VC has picked up about 22-25% in ISGN, valuing it at about $100 million.
ISGN is the third largest mortgage servicing KPO in US after Fidelity and Fiserve. In the US loan origination software market, however, it claims to the largest in with a share of 18%.
ISGN said it will use the proceeds from New Enterprise Associates to help it expand inorganically. ISGN is on an acquisition spree. In May, this year, ISGN bought US-based Dynatek. In March, the company acquired the mortgage division of US-based Fair Isaac Corporation for an undisclosed sum. The company is looking for buyouts in mortgage servicing and default management space in India.
(Source: ET)
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