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Wipro to Acquire Opus CMC, One of the Leading US Mortgage Due Diligence and Risk Management Service Providers

Wipro Ltd. (NYSE:WIT), a leading global Information Technology, Consulting and Outsourcing company today announced that it has signed a definitive agreement to acquire Opus CMC (Opus Capital Markets Consultants LLC), one of the leading US-based providers of mortgage due diligence and risk management services for a purchase consideration of USD 75 million that includes a deferred earn-out component. The acquisition will strengthen Wipro’s mortgage solutions and outsourcing business and complement its existing offerings in mortgage origination, servicing and secondary market.

Founded in 2005 and headquartered in Lincolnshire, Illinois, Opus CMC provides comprehensive risk management solutions to the mortgage industry in the United States. It has over 490 employees, including over 315 loan underwriters, spread across 5 centers in the US.

Opus CMC offers operational and loan level due diligence, valuation support, forensic analysis, and advisory services on all classes of mortgage products, residential and commercial, ranging from re-underwriting whole loans to collateral reviews of securitized pools. Its customers include several of the top global banks, mortgage conduits, mortgage investors, and independent mortgage originators.

“We welcome Opus CMC’s employees to the Wipro family,” said Manoj Punja, Senior Vice President and Head - BPO, Wipro Limited. “This acquisition will help us expand in the high end Mortgage BPO segment, and brings differentiated capability with a platform-based risk management offering. Opus CMC has an experienced management team with a deep understanding of the emerging needs of this business. We believe Opus CMC will continue to lead with their innovative offerings and extend these capabilities to Wipro’s banking and financial services customers as well. Our vision is to leverage Wipro’s offerings with Opus CMC’s capabilities and knowledge base to create an end-to-end offering for all mortgage players, with a greater degree of automation and application of analytics.”

Opus CMC has been very successful in building a talented team that can address a wide range of quality management needs for mortgage product sellers, intermediaries and investors. Its proprietary due diligence platform, encapsulates nearly a decade of business intelligence in loan reviews, and the latest in regulatory requirements.

“We are excited about the opportunity to join hands with Wipro and continue to be a dominant player in the industry with increased range and scale of offerings for our clients. Our industry is at a pivotal point with the introduction of new mortgage regulations driven by the CFPB (Consumer Financial Protection Bureau) and government agencies. Wipro and Opus CMC will jointly assist our clients in navigating this challenging and changing business environment and help build reliable outcomes in mortgage origination and secondary market operations,” said Joseph Andrea and Jennifer LaBud, Co-founders and Principals, Opus CMC.

Commenting on this acquisition, Dan Latimore, Senior Vice President of Celent’s Banking Practice said, “A critical differentiator for mortgage industry participants going forward is the ability to manage risk and identify profitable growth opportunities in both existing loan portfolios and new originations. Execution capabilities in legacy books, combined with deep knowledge of regulatory frameworks and the ability to efficiently implement them, will be essential for success.”

The acquisition is subject to customary closing conditions and regulatory approvals and will be completed in Q4, FY-2014.

Portico Capital Securities LLC served as the exclusive financial advisor to Opus CMC with respect to this transaction.

About Wipro Ltd.

Wipro Ltd. (NYSE:WIT) is a leading Information Technology, Consulting and Outsourcing company that delivers solutions to enable its clients do business better. Wipro delivers winning business outcomes through its deep industry experience and a 360 degree view of "Business through Technology" - helping clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, a practitioner's approach to delivering innovation, and an organization wide commitment to sustainability, Wipro has a workforce of 140,000 serving clients across 61 countries. For more information, please visit www.wipro.com.

About Opus CMC

Opus CMC provides capital markets participants with a comprehensive menu of residential and commercial due diligence, asset valuation and advisory solutions, ranging from domestic loan level re-underwriting and forensic reviews to international operational risk assessments of counterparties and servicers.

Forward-looking and Cautionary Statements

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

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