Sagent, a United States-based SaaS product organization, has recently opened a non-US office in Chennai. The company has invested $3 million in establishing the facility, which will help them expand their operations and offer more modern mortgage servicing options to their clients. This fintech software company offers mortgage solutions to lenders and banks.
Uday Devalla, CTO at Sagent, stated that Chennai was selected as the ideal location for establishing their non-US headquarters due to strategic reasons. He said, “Coming to Chennai is not necessarily a cost arbitrage for us; it’s about access to talent.” He further said that 120 are currently working in the city, from a total of 520 employees. In the next couple of years, they are expecting the number of employees to increase to over 200.
The Chennai team will be responsible for developing an innovative technology platform that aims to attract more customers in the US. At present, Sagent caters to 14 million users and over 45 lenders within the United States. They hold a significant market share of 22% in the mortgage servicing segment of the American mortgage industry, which is valued at $13 trillion.
The company has recently established its first international office as part of a new collaboration with Mr. Cooper, a prominent mortgage servicing company based in the United States.
According to Marianne Sullivan, Chief Operating Officer of the company, in 2022, they made a significant deal with Mr. Cooper. As part of this deal, Mr. Cooper became a customer of Sagent. Additionally, Sagent acquired the mortgage servicing fintech team of Mr. Cooper, which is a highly experienced professional, many of whom are based in India.