The financial terms of the acquisition were not disclosed. String, which has approximately 650 employees in the U.S. and India, will retain its separate branding and will continue to be led by its existing senior management team, including Prashant Kothari as president. This is the second acquisition this year for the New York City-based AMC, which picked up Meridian Asset Services LLC in January.
“The acquisition of String further enhances AMC’s ability to offer a comprehensive set of title quality control services to participants in the secondary mortgage market with the addition of title search services and other mortgage business process outsourcing capabilities,” said AMC Chief Executive Officer Michael Franco. “We realize that in today’s mortgage market, cost efficiency and centralization of vendor offerings are critical. Combining String’s title service offerings and labor efficiencies with AMC’s innovative technology solutions will provide comprehensive, high-quality and cost-effective solutions for AMC’s clientele.”