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MphasiS agrees to buy Digital Risk for $175m

MphasiS, a unit of HP Company, has signed a definitive agreement to buy US based Digital Risk, is an all cash deal valued at $175m.

Digital Risk is an independent provider of risk, compliance and transaction management technologies to the US mortgage market.

Digital Risk chairman and chief executive officer Peter Kassabov said that the company has developed processes, analytics and technology to make mortgages safe, and the integration with MphasiS will further boost its capabilities.

Pending regulatory approval and satisfying other customary closing conditions, the deal is expected to complete by 31 January 2013.

Following completion of the deal, the acquired entity will trade as a separate business unit under the same brand name, while its founders and employees will continue with the company. Kassabov will report to Ganesh Ayyar, CEO of MphasiS.

Licensed to trade in 46 states in the US, Digital Risk’s Making Mortgages Safe technology has been implemented by more than 15 firms, including originators, insurers, issuers and investors.

Avendus Capital served as the sole financial advisor, while Goodwin Procter acted as legal advisor to MphasiS, pertaining to the transaction.

Portico Capital Securities and Katz, Teller, Brant & Hild acted as financial advisor and legal advisor respectively to Digital Risk.