Business process outsourcing company FirstSource said it acquired US-based mortgage service provider ISGN's BPO business, as it looks to expand into higher-margin services. The company said that over 700 employees from ISGN's BPO division in the US and India will join FirstSource through this acquisition...

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Business Process Management (BPM) services firm Firstsource Group has completed the acquisition of the BPO division of ISGN Corporation, a US-based mortgage technology and services firm As part of this acquisition, Firstsource has acquired the outsourced mortgage origination, servicing, title, settlement services and the valuation BPO businesses of ISGN.

In January this year, ISGN had announced that Firstsource has entered into a definitive agreement to acquire company’s BPO division.

Firstsource Solutions' wholly owned subsidiary -- Firstsource Group USA Inc has completed the acquisition of the Business Process Outsourcing (BPO) division of ISGN Corporation, a leading provider of end-to-end technology solutions to the US mortgage industry.

Firstsource Solutions is currently trading at Rs. 40.60, up by 0.60 points or 1.50% from its previous closing of Rs. 40.00 on the BSE.

BPO firm Firstsource Solutions today reported 28 per cent increase in its consolidated net profit to Rs 79.66 crore for the fourth quarter ended March 31, 2016.