Indecomm Global Services, a Delaware company, announced
today that it has signed an agreement to acquire Mortgage Dynamics
Inc., McLean, Virginia, one of America's leading mortgage banking
management consulting and outsource services firms. The parties expect
to complete the transaction by June 30, 2006
The 18-year old company was sold for a combination of cash and stock. Indecomm will adopt the Mortgage Dynamics brand name for its US mortgage outsourcing operations. The firm will continue under the leadership of Mary Bruce Batte and Dan Measell.
Indecomm is a leading international business process services firm with headquarters in Bangalore, India and operating centers in America. The Company, which has already made considerable inroads in the mortgage industry, gains a well-respected US firm that provides services and advice to over 100 industry firms each year, including many top tier companies. It provides consulting on all aspects of mortgage banking and performs such outsourcing services as investor accounting, FAS 140 tasks, post closing, quality control, loan sales preparations, and audits of compliance, underwriting and adjustable rate mortgages.
Naresh Ponnapa, President and CEO of Indecomm, said, "This is a very strategic acquisition for us and will set the stage for dramatic growth going forward. The combination of our two companies will create an institution of superior capabilities and customer reach. The value proposition is profound and is built upon three principles: commanding domain knowledge, world-class use of technology applications to enhance customer performance, and global delivery of operating solutions. We will be one of a kind in the mortgage business."
MDI expects gains in productivity for itself and its clients through Indecomm's innovative technologies and process flow concepts. Mary Bruce Batte, co-founder with Dan Measell, said, "We will continue to offer our full suite of services and will add Indecomm's broad base as well. Improving efficiency and compliance while reducing costs is the thrust for our clients. Indecomm and MDI share the same view that outsourcing for cost reductions alone is a risky strategy. The most successful outsourcing strategies are those that make internal operations improvements possible for client operations which remain on-shore."
Co-founder Dan Measell added: "This transaction will bring valuable capabilities to our clients. One of our goals is to bring the benefits of the on-shore and offshore combination to the next tier of banks and mortgage companies. We will offer a suite of turn-key products that large and mid-size mortgage entities can consider without the need to make extraordinary investments of management time or financial capital."
Additional Information:
Indecomm is a knowledge-based process outsourcing company that makes extensive use of intelligent technology. It has Six Sigma, ISO 9001:2000 and BS7799 accreditation. Its website is www.indecommglobal.com.
Indecomm is featured in Red Herring's list of the top 200 private companies in Asia, ranked among the top five emerging services companies by The Indus Entrepreneurs, and listed as one of the top 20 companies in 2004-05 by Business Today, India's leading business magazine.
MDI has offices in McLean, VA, Denver, Colorado, Upper Marlboro and Frederick, Maryland. Its website is www.mortgagedynamics.com. MDI is active in the Mortgage Bankers Association. Mary Bruce Batte is a member of the national MBA Board.
The 18-year old company was sold for a combination of cash and stock. Indecomm will adopt the Mortgage Dynamics brand name for its US mortgage outsourcing operations. The firm will continue under the leadership of Mary Bruce Batte and Dan Measell.
Indecomm is a leading international business process services firm with headquarters in Bangalore, India and operating centers in America. The Company, which has already made considerable inroads in the mortgage industry, gains a well-respected US firm that provides services and advice to over 100 industry firms each year, including many top tier companies. It provides consulting on all aspects of mortgage banking and performs such outsourcing services as investor accounting, FAS 140 tasks, post closing, quality control, loan sales preparations, and audits of compliance, underwriting and adjustable rate mortgages.
Naresh Ponnapa, President and CEO of Indecomm, said, "This is a very strategic acquisition for us and will set the stage for dramatic growth going forward. The combination of our two companies will create an institution of superior capabilities and customer reach. The value proposition is profound and is built upon three principles: commanding domain knowledge, world-class use of technology applications to enhance customer performance, and global delivery of operating solutions. We will be one of a kind in the mortgage business."
MDI expects gains in productivity for itself and its clients through Indecomm's innovative technologies and process flow concepts. Mary Bruce Batte, co-founder with Dan Measell, said, "We will continue to offer our full suite of services and will add Indecomm's broad base as well. Improving efficiency and compliance while reducing costs is the thrust for our clients. Indecomm and MDI share the same view that outsourcing for cost reductions alone is a risky strategy. The most successful outsourcing strategies are those that make internal operations improvements possible for client operations which remain on-shore."
Co-founder Dan Measell added: "This transaction will bring valuable capabilities to our clients. One of our goals is to bring the benefits of the on-shore and offshore combination to the next tier of banks and mortgage companies. We will offer a suite of turn-key products that large and mid-size mortgage entities can consider without the need to make extraordinary investments of management time or financial capital."
Additional Information:
Indecomm is a knowledge-based process outsourcing company that makes extensive use of intelligent technology. It has Six Sigma, ISO 9001:2000 and BS7799 accreditation. Its website is www.indecommglobal.com.
Indecomm is featured in Red Herring's list of the top 200 private companies in Asia, ranked among the top five emerging services companies by The Indus Entrepreneurs, and listed as one of the top 20 companies in 2004-05 by Business Today, India's leading business magazine.
MDI has offices in McLean, VA, Denver, Colorado, Upper Marlboro and Frederick, Maryland. Its website is www.mortgagedynamics.com. MDI is active in the Mortgage Bankers Association. Mary Bruce Batte is a member of the national MBA Board.
© 2006 Business Wire
