TORONTO, Dec. 16, 2013 /PRNewswire/ -- Real Matters, one of North America's fastest growing technology companies, today announced the closing of a $40 million common equity investment. The financing will position Real Matters, a leading provider of information and insights into residential and commercial properties to both the mortgage and property & casualty (P&C) insurance industries, to further drive its growth including strategic acquisitions across North America.
Real Matters' core solution, Solidifi, is a next-generation appraisal management services provider that serves 45 of the top 100 lenders in the U.S. Solidifi's key enabler is the company's proprietary cloud-based network platform, redihive™, and partnerships with more than 26,000 independent appraisers. This state-of-the art analytical platform identifies the right appraiser for each assignment upfront, building efficiency and cost effectiveness into the appraisal process while ensuring the delivery of high-quality reports and superior performance for lender clients. As a result, Solidifi is now the third-largest independent provider of origination appraisals in the U.S.
"Our technology-based marketplace has allowed us to transform the multi-billion dollar a year mortgage origination appraisal and P&C insurance assessment markets," says Jason Smith, President and CEO of Real Matters. "In the last two years, we more than doubled our market share as we added new Canadian and U.S. banks as clients and grew share within our existing lending customers. Our disciplined approach has ensured that growth has been profitable and that clients are well served. To that end, our acquisition and integration of a traditional U.S.-based AMC in January 2013 enhanced outcomes for acquired customers which resulted in expanded growth with these lenders."
This new round of financing leaves the company well capitalized and concludes a successful year. Real Matters was also recognized with several awards in 2013. It was named one of Canada's Best Managed Companies, ranked a Deloitte Technology Fast 50 and Deloitte Fast 500 company, and was declared one of the top Canadian ICT and Software and Service Companies on the Branham300 listings.
BMO Capital Markets acted as sole-bookrunner and GMP Securities served as co-manager for the $40 million financing, which adds to the $22 million of common equity and debt facilities Real Matters secured in 2012.
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 26,000 field agents, comprised of Solidifi independent appraisers as well as iv3 insurance inspectors. Established in 2004, Real Matters has its Canadian head office in Markham, Ontario and U.S. head office in Buffalo, NY. Additional information about Real Matters is available at www.realmatters.com.
SOURCE Real Matters