Goodwin Procter recently represented client MphasiS Ltd., a leading IT services company based in Bangalore, India, in its all-cash acquisition of Digital Risk, based in Florida. The transaction is valued at over $200 million.
Digital Risk is one of the United States’ largest independent providers of mortgage risk, compliance and transaction management solutions. MphasiS, a publicly listed Indian company majority-owned by Hewlett Packard, expects the acquisition will play into its “hyper-specialization” strategy, adding more than 1,500 highly trained risk and compliance specialists.
The deal is expected to close in early 2013, subject to regulatory approvals and other customary closing conditions. Digital Risk will operate as a standalone business unit of MphasiS. MphasiS plans to expand its footprint in the United States, creating up to 500 U.S. jobs in the near future.
“We are pleased to have advised MphasiS on this strategic acquisition,” said Yash Rana, chair of Goodwin’s Asia Practice and its Hong Kong office. “The Digital Risk transaction has been their largest acquisition to date, and is very important to the continued growth of MphasiS. We assembled a talented team across multiple offices and practices groups to execute a critical, cross-border transaction in a timely, effective manner.”
In 2011, Goodwin also represented MphasiS on its acquisition of Wyde Corp., a Paris, France and Minneapolis-based developer of customizable software for the insurance industry.