Novacap invests in mortgage tech company Accurate Group

Novacap has invested in the growth of Accurate Group, a Cleveland, Ohio-based provider of technology-enabled real estate appraisal, title data, analytics and e-closing solutions.

Novacap has invested in the growth of Accurate Group, a Cleveland, Ohio-based provider of technology-enabled real estate appraisal, title data, analytics and e-closing solutions. No financial terms were disclosed. Novacap is a Canadian mid-market private equity firm.

PRESS RELEASE

CLEVELAND and MONTREAL, Sept. 2, 2021 /CNW Telbec/ – Accurate Group, a leading provider of technology-driven real estate appraisal, title data, analytics and e-closing solutions, today announced it has entered into a strategic partnership with Novacap, one of Canada’s leading private equity firms. Thanks to its key relationships in North America, Novacap is committed to building world-class companies, and with this partnership, aims to support Accurate Group with the capital and expertise to further grow the business.

Accurate Group has grown into a market leader in appraisal management technology, title information and e-closing solutions. The company quickly emerged as an early innovator in mortgage tech, with a unique focus on digitizing the traditionally manual processes in the mortgage loan cycle. The success and strength of the Accurate Group’s technology platform and its transformative approach to appraisal management, alternative valuation methods and e-closing technologies has attracted business from most top banks in the U.S., as well as credit unions, non-bank lenders and capital markets firms.

“We are thrilled about this new partnership and strongly believe that Paul Doman and his talented management team will continue to create significant value in an environment where digitization is a key driver of growth” said David Lewin, Senior Partner at Novacap. “Accurate Group has developed a strong and scalable technology platform within the industry, and we are committed to ensuring the company continues to strive towards its ambitious objectives.”

“Novacap has a deep understanding of the highly regulated financial services industry, and we are well positioned to execute on a clear growth trajectory with Accurate Group in the coming years, both organically and through the execution of a curated M&A strategy,” said Rajiv Bahl, Senior Partner at Novacap. “We look forward to providing our expertise and capital to support Accurate Group in its expansion across North America as a premium technology service provider.”

“We are extremely pleased to be partnering with Novacap to help us accelerate the next stage of our growth,” said Paul Doman, President and CEO of Accurate Group. “Accurate Group has demonstrated continuous growth even in times of market volatility, and we are extremely thankful to ABS Capital Partners, who will be exiting its equity ownership position in the business, and our Board of Directors for its support over the past eight years. This new influx of capital from Novacap will enable us to expand our AppraisalWorks™ platform and SaaS business, make transformative acquisitions, and further invest in technology innovation and client service initiatives to better serve banks, credit unions, non-bank lenders and capital markets firms.”

Advisors
KeyBanc Capital Markets served as the exclusive financial advisor to Accurate Group. Nelson, Mullins, Riley & Scarborough, LLP served as legal counsel to Accurate Group.
Wells Fargo Securities, LLC served as the exclusive financial advisor to Novacap. Foley & Lardner LLP served as legal counsel to Novacap.

About Accurate Group
Accurate Group is a real estate technology and services leader delivering technology-driven property appraisal, title data, analytics and digital closing solutions to banks, credit unions, servicers, non-banks and capital market firms. By combining modern process automation, accurate data and innovative SaaS and mobile technologies, Accurate Group provides its clients with the best combination of speed, quality, regulatory compliance and price. With Accurate Group, the real estate finance community and consumers benefit from market-leading solutions that enable modern digital frameworks, improve accuracy, lower costs and improve compliance across all types of real estate loans, mortgage-related assets and real estate portfolios. Visit www.accurategroup.com.

About Novacap
Founded in 1981, Novacap is a leading Canadian private equity firm with more than C$8B of AUM that has invested in more than 100 platform companies and completed more than 150 add-on acquisitions. Applying its sector-focused approach since 2007 in TMT, Industries and now Financial Services, Novacap’s deep domain expertise can accelerate company growth and create long-term value. With experienced, dedicated investment and operations teams as well as substantial funding, Novacap has the resources and knowledge to build world-class businesses. Novacap has offices in Brossard, Québec and Toronto, Ontario. For more information, please visit www.novacap.ca.