Indian software giant Infosys has completed the acquisition of majority equity stake of 75% in the Stater N.V., a subsidiary of the Netherlands-based ABN AMRO Bank, for $144 million (Rs 999 crore) in cash. Stater is ABN AMRO’s administrative mortgage services provider, providing services for over 1.3 million mortgage loans to more than 30 mortgage providers in the Dutch market.
ABN, which is third largest Dutch bank headquartered in Amsterdam, will hold the remaining 25% of the shareholding in Stater
Stater, which offers end-to-end mortgage administration services in the Netherlands, Belgium and Germany, has expertise in artificial intelligence (AI), which is the major reason behind Infosys’ decision to acquire Stater..
The acquisition was completed by Infosys’ Singapore unit, Infosys Consulting Pte Ltd, which has now formed a strategic tie-up with Stater.
Stater has developed it own mortgage information system called Stater Hypotheek Systeem (SHS) for automating the entire loan process from origination to servicing to securitizing, containing the all-important Capstone artificial intelligence system for making loan decisions.
Erwin Dreuning, Managing Director of Stater, said in a statement, “We are eager to welcome Infosys as a new shareholder. As they are already active in mortgage administration services, Infosys offers specific expertise. The combined forces of ABN AMRO, Infosys and Stater ensures we have a solid basis to pursue our plans for further development of our service offering. Furthermore, it opens up opportunities for us to grow and service other clients.”
Infosys Consulting Pte Ltd, the singapore subsidiary of Infosys, which has acquired Stater, develops e-commerce applications and provides information technology consulting services. The company was formerly known as Lodestone Management Consultants Pte Ltd. until it was acquired by Infosys in 2012 for $350mn.
So far, Infosys has acquired 12 companies across the globe. Prior to Stater, the Bangalore-based firm had acquired Fluido, a Finland-based Nordic Salesforce platinum consulting partner.
To recall, recently Vian Systems, an AI startup founded by Vishal Sikka, a former Executive Vice Chairman, CEO and MD of Infosys, has raised $50 million in funding.
Besides, an another Indian IT major, HCL Technologies, had earlier acquired a large part of IBM’s software portfolio for about US$1.8 billion, that has supposedly unlocked an addressable market of $50 billion.