MphasiS Buys U.S. Mortgage Management Firm For 960 Crore!!

Bangalore based IT firmMphasiS has acquired U.S. based data analytics company Digital Risk for $175 million (about Rs 960 crore), a move according to the company, will help it attain leadership position in the US mortgage services market.

The Florida-based Digital Risk is one of the largest independent providers of solutions related to risk, compliance and transaction management to the US mortgage market.

The acquisition is an all-cash deal valued at USD 175 million with an additional earn- ut component, Mphasis said in a statement. This acquisition significantly enhances MphasiS’ onshore presence in the US, it added.

MphasiS has plans to expand its footprint in the US creating up to 500 new jobs in the near future.

Digital Risk is expected to register revenues of USD 127 million in CY2012 and has grown at revenue CAGR of 70 per cent in the last three years.

Digital Risk has additional operations in New York, Dallas, Denver, Chicago, Boca Raton, Tampa and Jacksonville.

“We began our journey of transformation in 2010 focusing on the Financial Services Industry. This acquisition is central to our strategy of offering specialized services in chosen segments,” MphasiS chief executive officer Ganesh Ayyar said.

“Digital Risk’s analytics platform combined with 1,500 mortgage specialists makes them unique and differentiated,” he added.

The transaction is currently expected to close by January 2013, subject to regulatory approvals and other customary closing conditions.

The shares in MphasiS rose as much as 6.1% after the news.

Upon completion of the transaction, Digital Risk will operate as a standalone business unit retaining its brand identity.

Digital Risk’s founders will continue to lead the company, with Peter Kassabov reporting to Ayyar. And the management team and employees will remain with the company and continue serving their customers.

In this transaction, Avendus Capital acted as the exclusive financial advisor and Goodwin Procter LLP acted as legal advisor to MphasiS.

Portico Capital Securities, LLC served as financial advisor to Digital Risk and Katz, Teller, Brant & Hild acted as legal advisor to Digital Risk.

Most Expected Apple Products Of 2013

Apple’s 2012 schedule has been incredibly busy; the iOS6, iPhone 5, iPad mini, new iPods, and updated Macs with specialties like retina displays and bigger sizes. And then a question arises, what’s the Apple line ups for 2013? The company had already given hints about some interesting devices, including a low cost iPhone cooking inside the Cupertino giant’s executive kitchen. Here are the speculated Apple devices which will see the light of the day in next year as compiled by Business Insider.
 Spring: Apple television?

Apple came up with the updates of just about everything at the end of 2012. This gave birth to the speculation that Apple either planned nothing for the spring or on the contrary it’s got something big to unveil.
So the next possible big release from Apple’s bag of products for the spring could be its “television”. Rumors of an Apple television have been rampant for years. So the year 2013 can be the best period to wave a green flag for the Apple TV or which may be called ‘iTV’ as Apple’s nomenclature follows.

 Spring: iPad Mini with Retina display
Apple’s iPad mini made waves in the media prior to its release and was also hit the market with the blast. But all the fanfare was fizzled and as the Apple bloggers place it “iPad mini is the real iPad, there’s only one problem which took the sheen out of device and it’s the screen”. So Apple, to rectify this problem may come up with a smarter display, the new Apple innovation “retina display”. This spring we can hope for a iPad mini which along with other things can come up with retina display.
Read Also: 9 Things That Make Apple Products “Complicated”
 Spring: iRadio
Apple has intensified talks with music labels to unveil its own advertising supported streaming radio service and it will be the competitor to Pandora Media Inc. The iRadio is supposed to start early next year, according to people with knowledge of the negotiations who want to stay anonymous.
“Radio is a natural step for Apple,” Rich Greenfield, an analyst with BTIG LLC in New York, said in an interview, reports Bloomberg. “This helps Apple dominate in cars, where people listen to an average of two hours of radio a day.”

Spring: Apple TV app store
So once the Apple TV gets big launch the next best possible offering from the Applecould be an App Store exclusive for its TV. And the company may also open up its gates for the developers to contribute the apps for its new device, in turn creating a whole new experience with the TV.
 Summer: OSX 10.9
Apple has reported to be actively testing its new version of Mac OS, called as OS X 10.9. And there were rumors that the Apple Mountain cat is about to take a big leap and include the key features from the popular iOS mobile platform. OS X 10.9 is supposed to include the Apple Maps along with Siri, the company’s virtual personal assistant that was first introduced on the iPhone 4S in late 2011.
Apple says it’s going to start updating its desktop software more frequently. Now that the person in charge of iOS is in charge of OSX, we expect the release schedules to be linked. And we expect more cross over between the two operating systems in terms of features. This new release is rumored to have Siri and Apple Maps.

 Summer: iOS 7
Apple, in each new version of iOS attempts to deliver an upgrade to add new user experiences. The iOS 6 is a good OS but for its Apple Maps and some Notification Center issues. So the next update is expected to deliver on these two discontents along with offering other new features. If one follows the pattern of Apple’s software releases , we may expect to see the iOS 6.1 this spring and later iOS 7 at
With each new version of iOS, Apple delivers an upgrade to parts of the user experience and this Notification Center mock-up shows one of the features we hope Apple includes in iOS 7.
If Apple follows their pattern for software releases, we can expect to see iOS 6.1 this Spring and the announcement of iOS 7 at The Apple Worldwide Developers Conference (WWDC) 2013, with the possibility of an iOS 7 release date tied to the iPhone 5S release, or whatever Apple calls the next iPhone.

Summer: iPhone 5S
The rumors of the iPhone 5S were sparked amazingly just weeks after iPhone 5 release. A report from the Chinese Commercial Times added fuel to the rumors stating that Apple would be manufacturing 50,000 to 100,000 test units of the “iPhone5S” in December this year.
As for the rumor goes the iPhone 5S will possibly be unveiled in the middle of 2013 as opposed to the end of next year. Apple has launched iPhone 4S in October last year and the iPhone 5 in September this year, so there was a gap of nearly a year for the launch of new iteration. But this time, as the rumor goes, Apple fans will be in for a surprise as the Cupertino giant will put in orders for the iPhone 5S starting in March or April of next year, way earlier than many assumed.
The Apple may choose the summer launch next year to boost the sales of its device in holiday season and also to take on with its rival Samsung.

Fall: The iPad 5
Apple shocked technophiles and industry experts around the world with its unexpected unveiling of the iPad 4, alongside the iPad Mini, at an event in California last month.
The company’s near 12 month cycle for the new iteration’s launches, which use to be under wraps, has become predictable. But the launch of iPad 4 was so covert that the rumor mill was completely unaware of its existence until it launched.
Nevertheless this new strategy from Apple is not stopping the rumor mill from speculating the launch of iPad 5. The rumors are already abounding about that the new sleeker, lighter and loaded iPad 5 will hit the shelves early next year.
WILD CARD: A cheap, totally different iPhone
Apple iPhones were considered to be costlier with respect to its rival android devices. So Apple may come up with the iPhone which would be cheaper and totally different from the existing iPhones to gain market especially in the developing countries like India and China. May be it will be a reality in next year.