UK BPO and fintech provider Target Group buys Commercial First
Target Group, a UK-based business process outsourcing (BPO) and software vendor, has purchased the operating business of Commercial First, a provider of commercial and residential mortgage servicing, due diligence and property valuations.
Commercial First, also based in the UK, provides clients with services in the real estate lending market ranging from loan administration through to the full arrears, litigation and repossession cycle; with additional services such as cash bond administration and investor reporting.
Ian Larkin, co-group CEO at Target Group, says the deal gives it an “end-to-end servicing proposition for residential and commercial lending”.
You buy, we buy you
This Commercial First purchase is part of Target’s “wider strategy of growth and expansion”; and follows last year’s acquisition of Target by Tech Mahindra, an India-based IT heavyweight.
Target focuses on the lending, investment and insurance sectors, claiming around 50 financial institutions in the UK as customers. Among them are Yorkshire Building Society, Shawbrook Bank, Central Trust and Masthaven. It also works with top-tier names like Credit Suisse and Goldman Sachs.
Target has around 740 employees and two CEOs, Larkin and Bill Alley. They are expected to remain at the helm of the business after the Tech Mahindra acquisition, which is expected to be completed in Q2 2017.
In 2015, Target recorded revenues of £51 million.