iGate to acquire majority stake in Loan Pro

iGate Global has announced that it has acquired a 5 per cent equity stake in the Horsham, USA-based Loan Pro LLC (LP), and added it would enhance its equity stake in LP to 60 per cent by July 2006. The consideration payable for this equity was "insignificant", said iGate.

LP is engaged in mortgage origination related services. It focuses on the mid-market mortgage segment and operates on a shared services model using its proprietary technology platform.

LP charges transaction-based price for its services. LP's proprietary technology enables it to provide services relating to lending operations in all states in the US.

iGate added that this investment complements its vision to become a leading iTOPS (integrated Technology and Operations) player and enhances its presence in the mortgage space, which is one of its top growth areas.

N Ramachandran, iGate CFO, said ,"the Loan Pro deal is strategic to us as it will strengthen our offerings in the mortgage services space."