Genpact to acquire MoneyLine
By agencies   |   Tuesday, 01 August 2006, 19:30 IST
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NEW DELHI: Genpact, a global provider of business and technology services, has announced its plans to purchase U.S. based MoneyLine Lending Services, a provider of end-to-end mortgage origination and fulfillment services. MoneyLine will now become a part of Genpact Mortgage Services. Founders Evan Gentry, President and CEO, Taylor Woods, Executive Vice-President (Operations and IT), and Brad Barber, Executive Vice-President (Financial Institutions), will remain with MoneyLine. The terms of the deal are expected to close in August and have not been revealed as yet. The deal is coming through as another great acquisition for Genpact, formerly known as GE Capital International Services (GECIS). Genpact’s President and CEO Pramod Bhasin said of the deal, “Not only does Genpact share MoneyLine's values of integrity and process excellence, it gives MoneyLine access to our global delivery capability and enables Genpact to deepen its offerings in the mortgage services business. There is tremendous opportunity within this $30 billion market to streamline costs and pass those savings back to the lenders and consumers.” Genpact had acquired Creditek, a revenue cycle management and order-to-cash outsourcing services company in July last year. That deal quadrupled Genpact’s contracts through Creditek as a subsidiary. Gentry, who takes over as the President and CEO of Genpact Mortgage Services said, “As Genpact Mortgage Services, we will continue to provide our proven mortgage solutions with the personalized service and private-label approach MoneyLine is known for, while gaining Genpact's robust global delivery and world-renowned process tools that will give our business a much broader reach.”

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