NEW YORK--(BUSINESS WIRE)--Lightyear Capital LLC (“Lightyear”), a New York-based private equity firm focused on financial services investing, announced that an investment fund affiliated with Lightyear has acquired eCommission Financial Services, Inc. (“eCommission”), a provider of commission payments to residential real estate sales professionals. The transaction terms were not disclosed.
eCommission is one of the longest operating and largest companies in the residential real estate finance industry. Since its inception in 1999, eCommission has funded nearly a billion dollars in commission advances to help thousands of real estate professionals better manage their business expenses and short-term cash flow needs. The company uses a technology-enabled platform that fully automates the approval process to provide future commission payments for residential real estate professionals, up to 120 days before the scheduled closing date.
Mark F. Vassallo, Managing Partner of Lightyear commented, "We see great opportunity for growth, capitalizing on eCommission’s established brand equity and loyal customer base, technological leadership, and strong management team that pioneered the industry. We look forward to working with Sean and the rest of the management team to add value to the business.”
Sean Whaling, Founder and Chief Executive Officer of eCommission stated, "We are excited to have the support of Lightyear as we continue to expand our market. Lightyear’s deep industry expertise and knowledge of our business represent significant advantages for eCommission and the clients we serve. We remain focused on best-in-class service to provide residential real estate professionals immediate access to pending commissions.”
Stephens Inc. served as eCommission’s financial advisor in the transaction.
About eCommission Financial Services:
With nearly a billion dollars funded in residential real estate commission advances since its inception in 1999, eCommission is an endorsed national alliance partner for COLDWELL BANKER®, ERA®, CENTURY 21®, BERKSHIRE HATHAWAY HOME SERVICES, INC, NRT, LLC®, RE/MAX®, KELLER WILLIAMS®, EXIT Realty, BETTER HOMES AND GARDEN REAL ESTATE®, SOTHEBY’S INTERNATIONAL REALTY®, REAL LIVING® and also works with hundreds of independent real estate companies. For more information on eCommission, please call 877-882-4368 or visit http://www.eCommission.com.
About Lightyear Capital LLC:
Lightyear Capital is a financial services-focused private equity firm based in New York. Lightyear, through its affiliated private equity funds, makes primarily control investments in North America-based, middle-market financial services companies. Lightyear targets investments across the financial services spectrum, including asset management, banks, brokerage, financial technology, insurance, and specialty finance. The firm brings unique strengths and discipline to its investment process, as well as operating, transaction, and strategic management experience, along with significant contacts and resources beyond capital. For more information, please visit http://www.lycap.com.