Real Matters Inc.‘s US-based subsidiary Solidifi acquired New York real estate appraiser Kirchmeyer & Associates LLC. The price of the transaction was not disclosed. The Markham, Ontario-based Real Matters has received investments from venture capital and private equity firms since 2008. The company’s backers include Whitecastle Investments and Wellington Financial LP.
Real Matters’ subsidiary Solidifi acquires Kirchmeyer & Associates becoming 3rd largest independent provider of residential real estate appraisals in the U.S.
Real Matters, Markham, Ontario, January 7, 2013 – Real Matters, a leading provider of property insights to the North American mortgage and property and casualty (P&C) insurance industries, today announced the completion of a deal that will see its U.S. based subsidiary, Solidifi, gain significant market share in the U.S. Real Matters is the parent company of Solidifi a leading next generation provider of appraisal management solutions, which has acquired Kirchmeyer to become the third largest independent provider of residential real estate appraisals in the U.S. The company is a trusted, well-capitalized alternative to traditional appraisal management companies servicing more than 50% of the nation’s top lenders.
“Real Matters and Solidifi are in growth mode and Kirchmeyer is an important part of our overall growth strategy,” says Jason Smith, president and CEO of Real Matters. “In 2012, we successfully completed a round of growth financing that provided $22 million of common equity and debt facilities to expand our strong organic growth and to execute on our acquisition plan. Both pillars of our plan are on schedule and have secured Solidifi’s new position in the U.S. market and allowed us to achieve our objectives. The plan going forward is to continue to expand into new markets.”
In the U.S., Solidifi’s cloud-based technology provides customers with a flexible and scalable appraisal management solution with the highest standards in data security and reliability including redundant servers in SAE16 certified data centers in Dallas, TX and Washington, DC. Solidifi has invested more than $25 million to date in its industry-leading technology platform which will further enhance appraisal performance for Kirchmeyer customers.
Moving forward the combined entity will operate under the Solidifi name.
About Real Matters
Serving the North American mortgage industry through its Solidifi offering and the property and casualty (P&C) insurance industry through its iv3 CUS business, Real Matters creates powerful insights into residential and commercial properties. Leveraging its cloud-based technology platform, redihive™, the organization provides its customers with subject matter expertise gathered through partnerships with more than 24,500 field agents. Established in 2004, Real Matters is recognized as one of Canada’s 50 Best Managed Companies and is ranked the 3rd fastest growing technology company in Canada on the Deloitte Fast 50. Real Matters Canadian head office is located in Markham, ON. Additional information about Real Matters is available at www.realmatters.com.
Solidifi is a leading next generation provider of appraisal management solutions to the North American financial services industry. The organization offers a flexible technology platform for procuring collateral valuations from an elite network of high quality appraisers who openly compete for business based on quality, speed and price. Solidifi has offices in Markham, ON and Buffalo, NY. Additional information about Solidifi is available at www.solidifi.com.
About Kirchmeyer & Associates
Since 1994, Kirchmeyer & Associates has a steadfast heritage of helping lenders nationwide manage appraisal compliance regulations. As a national appraisal and valuation company with licensed appraisers from coast to coast, Kirchmeyer & Associates provides lenders with fast turnaround times on reports focusing on quality and accuracy resulting in reduced risk and lender savings.
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