Accenture Credit Services announced that it finalized the acquisition of Mortgage Cadence after paying Monitor Clipper Partners with an undisclosed amount.

Terry Moore, Accenture Credit Services global management services, said there's a need for a new technology to handle the transition of mortgage lending from refinancing to home-purchase lending.

"By using Mortgage Cadence technology to power our mortgage processing services, we can offer our clients increased processing speed, efficiency, and flexibility to reduce overall costs and improve service," he said.

Accenture is a global management consulting firm which earned revenues of up to US $27.9 billion ending Aug. 31, 2012.

The acquisition effectively absorbs Mortgage Cadence's software-as-a-service (SaaS) solutions and cloud-based technology, along with its 190 U.S. workers into Accenture.

Michael Detwiler, former CEO of Mortgage Cadence, said the acquisition is good for both parties. "Mortgage Cadence technology innovations will gain new momentum as part of Accenture. That creates an opportunity to do more to help streamline and improve mortgage processing in the U.S," he said.