Leading Mortgage Services Provider ISGN Announces it has signed definitive agreement to acquire Fiserv‘s Loan Fulfillment Services business
BENSALEM, PA. (September 28, 2009) --- ISGN Corporation (www.ISGN.com), a leading provider of technology products and services to the U.S. mortgage market, announced today that its subsidiary, ISGN Solutions, Inc., together with its parent company CFCL Technologies Limited, has signed a definitive agreement to acquire the Loan Fulfillment Services business of Fiserv, Inc. (NASDAQ: FISV)
Financial terms of the transaction were not disclosed.
ISGN is a mortgage solutions company that offers lenders, brokers and servicers a broad range of residential mortgage products and services to support various stages of the loan life cycle, including loan origination, title and settlement services, loan servicing and default management.
Fiserv‘s Loan Fulfillment Services provides financial institutions with outsourced home equity loan fulfillment services, including broker price opinions, closing and settlement services, fee appraisals, flood and title certification, home retention programs, portfolio and vendor management solutions, and related services.
“Once the transaction is complete, the combined entity will give our customers a suite of innovative products and services dedicated to the mortgage industry,” said Krishna Srinivasan, CEO of ISGN. “ISGN is now poised to become a leader that helps customers manage all aspects of the borrower experience and loan profitability.”
The acquisition, which is subject to customary closing conditions, is expected to close within the next 30 days. At that time, ISGN will communicate its plans to integrate the business into its existing operations.
Under the terms of the definitive agreement, Fiserv will receive a minority ownership interest in CFCL Technologies Limited.
About ISGN
ISGN is a leading provider of mortgage technology and services. A fast-growing company with more than 600 customers, including large global banks and many of the top ten lenders in the country, ISGN‘s product line includes a complete range of solutions for lenders, brokers and servicers. ISGN is funded by the highly-regarded growth equity firm NEA Partners, and by the KK Birla Group, one of the largest and oldest business houses in India. Based in Bensalem, Pennsylvania, ISGN employs about 1,000 people across its six domestic centers and three international facilities. For more information, visit www.ISGN.com.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is the leading global provider of information management and electronic commerce systems for the financial services industry, driving innovation that transforms experiences for financial institutions and their customers. Ranked No. 1 on the FinTech 100 survey of top technology partners to the financial services industry, Fiserv celebrates its 25th year in 2009. For more information, visit www.fiserv.com.