Walker & Dunlop Closes GeoPhy Acquisition
Feb 28, 2022, 16:30 ET
BETHESDA, Md., Feb. 28, 2022 /PRNewswire/ -- Walker & Dunlop, Inc. announced today that it closed on the previously announced acquisition of GeoPhy, a leading commercial real estate technology company.
Aaron Perlis, Walker & Dunlop Chief Information Officer stated, "We are excited to officially welcome GeoPhy founder and CEO, Teun van den Dries, and his entire team to Walker & Dunlop. GeoPhy's technology capabilities will allow us to dramatically accelerate the growth of our digitally driven businesses, including Apprise, our tech-enabled appraisal business, and our small balance lending (SBL) platform as we continue to differentiate the Walker & Dunlop platform through our people, brand, and technology."
Walker & Dunlop acquired GeoPhy for $85 million in cash paid at closing with an additional $205 million of cash earn-out potential structured to directly align with Walker & Dunlop's Drive to '25 goals surrounding growth in appraisal revenues, SBL volumes, and mortgage banking gains.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is the largest provider of capital to the multifamily industry in the United States and the fourth largest lender on all commercial real estate including industrial, office, retail, and hospitality. Walker & Dunlop enables real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology make us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,000 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune's Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.
Forward Looking Statements
The statements relating to the growth of our emerging businesses and our SBL platform may constitute forward-looking statements within the meaning of the federal securities laws. The forward-looking statements reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause actual results to differ significantly from those expressed or contemplated in any forward-looking statement.
While the forward-looking statements reflect our good faith projections, assumptions and expectations, they are not guarantees of future results. Furthermore, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by applicable law. Factors that could cause our results to differ materially include, but are not limited to (1) general economic conditions and multifamily commercial real estate market conditions, and (2) our ability to successfully integrate GeoPhy's operations into our current business, including the retention of their employees, and achieve the expected benefits from the acquisition.
For a further discussion of these and other factors that could cause future results to differ materially from those expressed or contemplated in any forward-looking statements, see the section titled ''Risk Factors" in our most recent Annual Report on Form 10-K, as it may be updated or supplemented by our Quarterly Reports on Form 10-Q and our other filings with the SEC. Such filings are available publicly on our Investor Relations web page at www.walkerdunlop.com.
SOURCE Walker & Dunlop, Inc.
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