Mr. Cooper completes intellectual property rights deal with PE-backed Sagent

Mr. Cooper Group Inc. completed its previously announced agreement under which King of Prussia, Pa.-based Sagent M&C LLC purchased certain intellectual property rights related to Mr. Cooper's proprietary, cloud-based technology platform for mortgage servicing.

Mr. Cooper received an equity stake in Sagent and appointed two directors to Sagent's board, according to a release.

The agreement will leverage Mr. Cooper's mortgage servicing depth and Sagent's software innovation speed for what they consider to be the industry's first cloud-native, homeowner-first servicing platform.

Mr. Cooper will also become a multiyear customer of Sagent.

Wachtell Lipton Rosen & Katz acted as legal adviser to Mr. Cooper on this transaction. Kirkland & Ellis LLP acted as legal adviser to Sagent.