DENVER, March 3, 2020 /PRNewswire/ -- Home Captain, a financial technology company that streamlines communication between the homeowner and all other parties in the purchase or sale of a home, today announced that it has acquired Redefy Holdings, Inc., a consumer-focused real estate technology company that is transforming the way people buy and sell residential real estate.
"We are extremely excited for the opportunity to have a proven market leader join us in our journey!" said Grant Moon, Chief Executive Officer of Home Captain. "The combining of the two companies greatly accelerates our roadmap in delivering unparalleled customer value in buying and selling a home particularly for mortgage banks and mortgage portfolio customers."
Over 60% of all homes in the United States currently belong to a mortgage portfolio. Banks and financial firms that own these mortgage portfolios face significant financial run-off when people sell their homes; many homeowners that sell their homes buy a new house but do not arrange a mortgage with their original lender. Mortgage servicers have historically struggled with retaining customers who sell their home and purchase a new home.
Through the acquisition, Home Captain can now provide customizable programs to banks and mortgage servicers that allow their customers to sell and buy a home through a proprietary "pick your path" real estate experience. This results in an improved customer experience, significant cost savings, and increased brand loyalty to the lending institution. Ultimately, this will reduce run off and increase customer retention.
"We at Redefy are elated to be joining the Home Captain team!" said Chris Rediger, Chief Executive Officer of Redefy. "The blending of our two companies will add another element to Home Captain's already impressive technology stack. Together, we aim to improve the real estate transaction for not only home buyers and sellers but also for real estate agents, lenders, insurance providers and title companies."
"Home Captain and Redefy are incredibly complementary organizations," said Raymond Wong, Managing Director and Head of the Growth Equity Group at Spring Mountain Capital. "We are excited to now back a combined company that is able to drive significantly more value to all constituents across the home buying and home selling journey."
About Redefy Corporation
Redefy is a consumer-driver company that seeks to transform the way people buy and sell residential real estate by leveraging technology and data to help customers transact at a significant cost-advantage. The company offers a complete range of real estate services that enable homeowners to keep thousands of dollars of home equity in their pockets, compared with selling a home using traditional methods. Redefy conducts business in key states and major metro markets across the United States.
For more information about our company, please visit: Redefy.com
About Home Captain
Home Captain is a financial technology company providing tools, services and the data lenders need in a competitive and ever-changing digital world. Within its suite of products and services, Home Captain boasts a web and mobile MLS-integrated home search app, an AI-powered chatbot for re-engaging mortgage leads, world-class real estate concierge services, portfolio retention services and patent-pending agent match technology.
Founded in 2001 by John L. ("Launny") Steffens and located in New York City, Spring Mountain Capital, LP ("SMC") is a private investment management firm that focuses on alternative asset investing. SMC's Growth Equity Group provides expansion capital to companies that are capitalizing on breakthrough innovations, paradigm shifts, or fundamental market or behavioral changes. The Growth Equity Group at SMC focuses on two sectors of the U.S. economy undergoing the most change and with the highest growth potential: technology-enabled and healthcare businesses.
The information posted in this release may contain forward-thinking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may", "will", "should", "plans", "explores", "expects", "anticipates", "continues", "estimates", "projects", "intends", and similar expressions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in methods of marketing, delays in manufacturing or distribution, changes in customer order patterns, changes in customer offering mix, and various other factors beyond the company's control.