iGate buys equity in US mortgage firm

iGate Global Solutions has bought 5% equity stake in US-based Loan Pro (LP).

According to an official release issued to the BSE today by iGate, its equity stake in LP will be enhanced to 60% by July 01, 2006. The consideration payable for the equity is insignificant.

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

Engaged in mortgage origination related services, LP focuses on the mid-market mortgage segment and operates on a shared services model using its proprietary technology platform, which enables it to provide services relating to lending operations in all US states, the release said.

This investment complements iGate's vision to become a leading integrated technology and operations (iTOPS)  player and enhances its presence in the mortgage space, which is one of its top growth areas, the release said.