Opteon Announces Acquisition of Northeastern Appraisal Associates

Acquisition strengthens leading nationwide Appraisal Management Company's footprint in Northeast

SCOTTSDALE, Ariz., July 1, 2022 /PRNewswire/ -- Opteon, a leading international provider of valuation, advisory, and property services, has announced its acquisition of Northeastern Appraisal Associates Residential (NEA), a Buffalo, New York-based appraisal management company (AMC) and staff appraisal firm. This partnership expands Opteon's presence in the Northeast, strengthening its nationwide service offerings and faster turn times in the fourth largest US real estate market.

Northeastern Appraisal Associates Residential has been delivering high-quality appraisal reports to the New York community since its inception in 1972. NEA has top-tier staff and panel appraisers throughout the New York region, servicing some of the nation's top mortgage lenders and originators. The partnership will also provide great new benefits for current NEA clients, such as extended business hours, a multi-level 200-point QC process, and coverage in all 50 states with 13,000+ panel and 250+ staff appraisers.

"We have always focused on providing high-quality appraisals to our clients. With the market rapidly changing in recent years, we must remain at the forefront of change to continue providing such excellent service. Partnering with Opteon guarantees we are able to provide our clients with an industry-leading experience," said Salvatore Vacanti, Vice President of Operations for NEA. Salvatore will continue to lead the appraisal team as Operations Manager of New York, while working with the AMC division to seamlessly integrate with our clients.

"Northeastern Appraisal Associates Residential has always strived to innovate and lead within the industry. We do so by keeping the appraiser at the center of everything we do. The Opteon vision of empowering appraisers through technology aligns with our goals, and we're excited to bring this partnership to our clients," added Robert Vacanti, President of NEA. Robert will be joining the Growth and Expansion team with Opteon USA to help grow national clients.

Founded in Australia in 2005, Opteon developed innovative technology that dramatically decreased turn times and revision rates. In Australia and New Zealand, Opteon delivers the majority of appraisal reports within 2 days, with less than a 1% rework rate. By partnering with world-class appraisal firms like NEA, Opteon aims to bring this technology to the United States.

"Our technology works hand-in-hand with appraisers. By equipping exceptional staff appraisers with our technology, Opteon streamlines the appraisal process. Northeastern Appraisal Associates Residential is comprised of an incredible team that will be able to implement our technology across the Northeastern US," said Chris Knight, Group CEO of Opteon.

Opteon has experienced substantial growth since the company's expansion into the US in 2019 and is one of the fastest-growing nationwide appraisal firms. This is the fourth acquisition Opteon has made in the last 12 months. Through these strategic acquisitions, Opteon has built a robust national Staff Appraiser model, allowing Opteon to utilize innovative technology to deliver drastically shorter turn times across the US. Together, Opteon's family of brands is bringing innovation and an elevated level of service to the industry.

About Opteon

Opteon is an international provider of valuation, advisory, and property services through innovative software solutions. With the company's expansion into the US in 2019, Opteon has invested heavily in its technology to reduce turn times, increase quality, and minimize human error without eliminating human expertise. Opteon's US sector is one of the fastest-growing nationwide appraisal firms and consists of more than 400 employees. Opteon was founded in 2005 and is recognized as the largest independent valuation and property services firm in Australia and New Zealand.

SOURCE Opteon