Published: March 19, 2010
FlatWorld Capital's Affiliate, DAL Group, LLC, Completes Its Business Combination with Chardan 2008 China Acquisition Corp. to Become DJSP Enterprises, Inc.
NEW YORK, March 19 /PRNewswire/ -- FlatWorld Capital LLC, a New York and Hyderabad, India based global private equity firm, and its affiliates announced today that their affiliated subsidiary, DAL Group, LLC, has completed a business combination with Chardan 2008 China Acquisition Corp., DJS Processing, LLC, Professional Title and Abstract Company of Florida, LLC and Default Servicing, LLC to become DJSP Enterprises, Inc. (Nasdaq: DJSP). The principals of FlatWorld Capital and DAL Group worked over the last two years to develop a long-term strategic plan with management and entered into a letter of intent with DJSP in 2008, subsequently contributed the letter of intent to DAL Group, LLC in May 2009 and consummated the transaction on January 15, 2010.
DJSP is the largest provider of processing services for the mortgage and real estate industries in Florida and one of the largest in the United States. The Company provides a wide range of processing services in connection with mortgages, mortgage defaults, title searches and abstracts, REO (bank-owned) properties, loan modifications, title insurance, loss mitigation, bankruptcy, related litigation and other services. The Company's principal customer is the Law Offices of David J. Stern, P.A., whose clients include all of the top 10 and 17 of the top 20 mortgage servicers in the United States, many of which have been customers for more than 10 years. The Company has approximately 1,000 employees and contractors and is headquartered in Plantation, Florida, with additional operations in Louisville, Kentucky and San Juan, Puerto Rico. The Company's U.S. operations are supported by a scalable, low-cost back office operation in Manila, the Philippines that provides data entry and document preparation support for the U.S. operation. The Company generated revenues of approximately $260 million and adjusted net income of $45 million for the twelve months ended December 31, 2009.
Jeffrey A. Valenty, Partner of FlatWorld Capital LLC, said: "FlatWorld Capital saw tremendous opportunity for investing in the mortgage processing and legal process outsourcing industry where we have significant expertise. We are delighted to have found an excellent management team and a company with strong growth prospects. We have deep sector experience and look forward to working with management to continue to grow the company."
About FlatWorld Capital LLC
FlatWorld Capital LLC is a global private equity investment firm that provides capital for growth, buyouts, recapitalizations, private-to-public and public-to-private acquisitions and restructurings of middle market North American and emerging market business services companies. We assist management in: (i) accelerating growth by providing access to capital for strategic add-on acquisitions and organic growth initiatives; and (ii) improving margins by developing the optimal mix of onshore and offshore labor resources. We partner with management teams to grow domestic middle-market companies into larger, global companies with industry-leading market positions, greater growth prospects and superior operating margins. FlatWorld Capital is based in New York and Hyderabad, India. For more information please visit www.flatworldcapital.com.
SOURCE FlatWorld Capital LLC
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