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Azure takes 49% stake in US co Citizens Financial Mortgage

Acquisition To Help Azure's Growth In Financial Services Space

(Source : Economic Times Ahmedabad; Date - May 14, 2008;)

Our Bureau AHMEDABAD : AHMEDABAD-BASED knowledge process outsourcing (KPO) and IT solutions company Azure Knowledge Corporation on Tuesday announced acquiring 49% equity stake in Citizens Financial Mortgage, a mortgage lending corporation, based out of Southampton, US.

The acquisition is expected to add to Azure’s growth in the financial services space while helping Citizens expand its branches and loan volume by utilising Azure’s array of BPO, KPO and IT offerings in the financial services space.

Citizens plans to ramp up its branch network from 45 branches currently, to 120 branches by end of 2008 and 500 branches by end of 2010 while increasing its licenses from 16 states to 22 states by 2008 end.

Azure co-founder and CEO Dushyant Joshi said: “As part of our strategic decision in June last year to integrate services in the financial services space, we started the process of identifying potential companies and narrowed our selection to three companies by September. Finally, we chose Citizens in October. In the past eight months, the two teams have worked together on various processes, honing the joint working model and developing an understanding of the capabilities of each partner.”

Mr Joshi, along with Jay Ruparel, Azure’s other co-founder & COO, have joined as directors on the board of Citizens with Jay Ruparel taking over as the new president of the corporation.

Said Citizens Financial Mortgage cofounder and CEO Scott Solomon: “We are excited that Azure has joined us on board and from our past eight months of working together, I can say we will achieve, if not exceed, the goals we have set for ourselves.”