Infosys, which is the second largest IT consultancy firm of India is now set to acquire the 75% stake for Rs 986 crore in the Stater NV, the mortgage service provider of the Dutch Bank, the company revealed in a report.
ABN AMRO will continue to hold the remaining stake of 25%.
This will be the third largest deal for the Infosys after the acquisition of Lodestone in 2012 and Panaya in 2015.
Infosys has also partnered with the Amsterdam based ABN AMRO to provide the digital banking services for the latter customers. The services which include the digitizing the mortgage business, bringing the operational efficiencies and improving the customer experience apart from some other digital transformation initiatives.
According to the company report which has been revealed, Stater is a market pioneer in the Benelux region, operating across the consumer lending and mortgage value chain with the deep through capabilities in the servicing, collection, and digital origination. The existing management will continue to govern the company.
“This transaction strengthens our approach to offer clients digital platforms and industry-focused solutions. It brings together our complementary capabilities to enhance the value we offer to our financial services clients as well as enhancing our presence in Europe,” said Mohit Joshi, president of Infosys.
The deal will help the Infosys deep expertise in the mortgage business in Europe and the robust digital platform to drive the faster customer experience for its potential clients. It also added that the Bangalore based company would also help the Starter with a digital transformation roadmap with the accelerators such as the application programming interface layers, analytics, robotics process automation, and dynamic workflow.