Transworld Systems Inc., a provider of analytics-driven accounts receivable management, healthcare revenue cycle and loan servicing solutions, has entered into a definitive agreement to purchase the financial subsidiaries of Altisource Portfolio Solutions for $44 million.
The acquisition is expected to close before the end of the third quarter and is subject to customary closing conditions including regulatory consents.
TSI will acquire the Altisource Financial Services business, including Nationwide Credit Inc., a provider of collections, customer relationship management and call center outsourcing for financial, retail credit, mortgage servicing, insurance, utility, and hospitality industries, with approximately 2,300 employees and operations centers in the U.S., India and the Philippines.
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"The acquisition of the Altisource Financial Services business broadens TSI's customer base, expands our offerings into customer relationship management, and grows our global operations in India and the Philippines,” said Joseph Laughlin, chief executive officer of TSI. “This carve out is a perfect example of our strategy to leverage acquisitions to add new technological capabilities while improving scale in our core businesses. We look forward to partnering with the Altisource management team to affect a smooth transition and we welcome the Altisource Financial Services customers and employees to the TSI family."
Ready Capital, Owens Complete Merger
Ready Capital Corp. and Owens Realty Mortgage Inc. have completed the merger between the two companies.
The combined company will conduct business under the name "Ready Capital Corporation" and will continue to trade on the New York Stock Exchange under the ticker symbol "RC."
As a result of the merger, Ready Capital's board was increased from six to seven members upon,and Gilbert E. Nathan, an independent director of Owens, was appointed to the board.
“The growing breadth of the combined businesses will continue to allow us to effectively deploy capital across attractive asset classes and economic cycles,” said Thomas Capasse, chairman and chief executive officer. “This investment approach, which emphasizes return consistency and downside protection, will provide all our shareholders with the most attractive risk-adjusted returns over the long-term."
