LAKE FOREST, Ill., March 29, 2019 /PRNewswire/ -- Transworld Systems Inc. ("TSI" or the "Company") – the leading analytics-driven provider of accounts receivable management, healthcare revenue cycle and loan servicing solutions – announced today it has entered into a definitive agreement with subsidiaries of Altisource Portfolio Solutions S.A. to purchase its Financial Services business for $44 million.
TSI will acquire the Altisource Financial Services business, including Nationwide Credit, Inc. (NCI), 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 United States, India, and the Philippines.
"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. 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," said Chief Executive Officer Joseph Laughlin.
The acquisition is expected to close before the end of the third quarter of 2019 and is subject to customary closing conditions including regulatory consents.
About Transworld Systems Inc.
Transworld Systems Inc. (TSI) is the leading provider of outsourced accounts receivable management, healthcare revenue cycle management and loan servicing solutions. TSI uses proprietary predictive analytics to collect on consumer and business debt to help its clients accelerate cash flow and improve operational efficiency. TSI's clients include Fortune 100 corporations, hospitals, financial institutions, governmental organizations, and small businesses.
Media Contact: David Zwick Chief Financial Officer Transworld Systems Inc. [email protected] (847) 969-7977