Saturday, October 15, 2005

OfficeTiger Reaches Agreement to Acquire MortgageRamp
to Expand Financial Management Services Offering...

Leading professional support services firm, OfficeTiger, today announced that it has reached an agreement to acquire MortgageRamp, a leading provider of business-process outsourcing and technology solutions for the global real estate finance industry with established offices throughout the United States for $48 Million.

The agreement will add 150 clients, including many top global financial institutions, to OfficeTiger’s client roster and greatly expand its existing Financial Management Services (FMS) capabilities by bringing a large number of seasoned real estate finance and technology experts to the table.

OfficeTiger provides integrated onsite-offshore services to professional services firms and Fortune 500 companies through its four service lines: Premedia, Financial Management Services, Research & Analytics and Transaction Processing.

Currently, OfficeTiger partners with the real estate industry to align back office processing with portfolio objectives to optimize property operating performance through its FMS division.

“The agreement solidifies OfficeTiger’s position as a global sourcing solutions provider offering integrated onsite-offshore services through a presence in expanded multiple geographies,” said Randolph Altschuler, co-CEO, OfficeTiger. “MortgageRamp’s veteran knowledge and existing talent pool of 300 associates and network of more than 2,000 experienced real estate finance professionals will expand our Financial Management Services division to include real estate finance support services.”

As part of the agreement, MortgageRamp will become the Global Real Estate Division of OfficeTiger. Ken Beyer, CEO of MortgageRamp, will continue as CEO of the new Division and will report to OfficeTiger co-CEOs, Randolph Altschuler and Joseph Sigelman.

The acquisition of MortgageRamp is again expected to lead to cash flow, and may even involve another round of funding. In terms of revenues, this is the largest acquisition done by an Indian BPO company overseas. The only other major acquisition of this nature has been ICICIOneSource’s acquisition of Accounting Solution Group. ASG was a 600 employee outfit which was acquired by ICICIOneSource in April and could have involved a cash outflow of more than $ 20-$ 25m.

OfficeTiger acquired Devonshire of UK, in October, ‘04. London-based Devonshire Group has revenues of $20m and around 200 clients in the financial, legal, consulting, design and pharmaceutical verticals. Devonshire had a team of 250 in London and 40 in its Frankfurt operation when it was acquired.

Before the Devonshire acquisition, OfficeTiger raised capital in June ‘04. The holding company of OfficeTiger in New York was recapitalised in a private equity transaction involving a $50 investment by Francisco Partners, of which $25m was a direct investment. The remaining funds were used to buyout the existing investors in OfficeTiger. Neil Garfinkel and David Golob, each a partner with Francisco Partners, joined the Board of Directors of OfficeTiger.

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1 comment:

Anonymous said...

You are so Fast !!!! We've just announced the merger and its in ur blog ? Gr8