SAN JOSE, Calif.--(BUSINESS WIRE)--ExactBid, the leading marketplace for commercial real estate appraisals, announced today an investment from Spectrum Equity, a leading growth equity firm. The investment will support ExactBid’s rapid growth and continued development of RIMS, the company’s market-leading Software-as-a-Service (SaaS) platform serving financial institutions in North America.
In conjunction with the transaction, Matt Cotter has joined ExactBid as CEO. Prior to joining ExactBid, Mr. Cotter served as Senior Vice President of Sales & Marketing at Mortgagebot, a former Spectrum Equity portfolio company which was sold to Davis + Henderson in 2011.
“I am excited to partner again with Spectrum and join the ExactBid team to lead the company’s next phase of innovation and growth. ExactBid has created a unique platform connecting many of the United States’ largest financial institutions with a network of over 30,000 local commercial appraisers,” said Mr. Cotter.
As a result of the investment, Ben Spero and Jake Heller from Spectrum have joined ExactBid’s Board of Directors. In addition, Scott Happ, the founder and former CEO of Mortgagebot, has joined as Chairman.
“As an innovator in the commercial lending sector over the past 14 years, ExactBid has developed into a two sided marketplace of scale,” said Ben Spero, Managing Director at Spectrum Equity. “We are thrilled to have the opportunity to partner with Matt, who is uniquely well-positioned to extend the company’s progress and momentum and joins a talented management team focused on building upon this unique asset.”
Andy Maisel, a co-founder of ExactBid who served as CEO from January 2013 to December 2014, will remain with the company in an advisory capacity to ensure a smooth transition.
“On behalf of the investors and Board of Directors, we grateful to Andy for his service and would like to thank him for the strong foundation he has built at ExactBid,” Mr. Cotter continued.
Spectrum Equity was advised by Latham & Watkins LLP and ExactBid was advised by Pagemill Partners and Pillsbury Winthrop Shaw Pittman LLP in connection with the transaction.
ExactBid is the leading marketplace for real estate appraisals serving financial institutions, appraisal management companies, and due diligence vendors, such as appraisers, property inspectors, and environmental consultants. ExactBid RIMS (Real Estate Information Management System) is a SaaS appraisal management software solution that automates the appraisal process for banks, connecting them with a network of over 30,000 appraisers and additional due diligence vendors. Over 30% of all U.S. commercial real estate appraisals are managed through the RIMS platform. ExactBid customers include hundreds of banks, including over 70% of the top 25 U.S. real estate lenders.
About Spectrum Equity
Founded in 1994 with offices in Boston and San Francisco, Spectrum is a leading growth equity firm that provides capital and strategic support to its portfolio companies. Spectrum has invested in over 120 companies in the last 20 years - representative investments include Ancestry.com, BATS, GrubHub, Lynda.com, Passport Health, RiskMetrics Group, SurveyMonkey and World-Check. For more information about Spectrum, including a complete list of investments, visit www.spectrumequity.com.