ISGN Secures US$ 25 Million Funding Led By New Enterprise Associates Along With NEA-IndoUS Ventures

ISGN Technologies Ltd, a leading provider of complete solutions and platform based KPO services to the US mortgage industry, today announced that it has received US$ 25 Million in funding from leading venture capital firms New Enterprise Associates (NEA) and NEA-IndoUS Ventures (NEA-IUV). As part of the investment, Menlo Park, Calif.-based NEA and NEA-IUV will, together receive three appointments to the ISGN board.

The US$ 25 million investment follows a series of recently announced strategic acquisitions by ISGN in the U.S. Mortgage solutions space. “Over the next decade, the Indian IT services industry will increasingly move up the value chain by providing value added KPO services to the world. This will entail the use of new technology platforms to improve efficiencies and scale. We are excited to be an investor in ISGN for its leadership in demonstrating such value through its singular focus in the Mortgage financing sector.” said Vinod Dham, Executive Managing Director of NEA-IndoUS Ventures and newly appointed ISGN board member. “We are excited to partner with NEA-IUV in the backing of ISGN and their industry leading team,” said Mark Perry, NEA General Partner and newly appointed ISGN board member. “With operations in both India and the US, ISGN is a highly-competitive technology-enabled KPO with deep mortgage expertise serving a broad range of lenders with a full suite of complementary products and services. We look forward to this venture and ISGN’s continued success.” ISGN is positioned to transform the mortgage-lending space by providing technology solutions, advisory services and KPO to lenders that originate and refinance the approximately $2.6 trillion market in the United States each year. ISGN today holds an 18% market share and originates around $500 Billion worth of loans through its various platforms in the residential and construction lending space. It also connects, by way of the BridgeLink vendor network and Plug in partner network, 900 third party vendor services. “We are delighted to have NEA and NEA-IUV, as an investor in ISGN. Their expertise in the technology space and their conviction in our vision make them the right growth equity partners for us”, said Krishna Srinivasan, Chief Executive Officer of ISGN. He further added, “With a customer base of more than 400 lenders, the best team, and a strong global capital base, ISGN is set to create a complete transformation of the mortgage lending space.”

“As the promoters of ISGN, we are delighted by the additional round of funding from NEA and NEA-IUV as it validates our confidence in ISGN’s growth strategy and the strong management team. We are happy that the team has been able to attract eminent global capital, representing very well connected and experienced investors, which is important for the company’s future growth plans.” added Shyam Bhartia of the K.K. Birla Group