LEWISVILLE, Texas--(BUSINESS WIRE)--Solutionstar Holdings LLC, an indirect wholly-owned subsidiary of Nationstar Mortgage Holdings Inc. (NYSE: NSM) (“Nationstar”), announced today that it has closed the acquisition of Experience 1, Inc., the holding company for Title365, Trusted Signing and technology subsidiaries X1 Labs and X1 Xpress (collectively, “Title365”).
This acquisition is another strategic move to leverage technological expertise to deliver comprehensive, end-to-end online services for homebuyers, home sellers and real estate professionals. Title365 provides innovative technology solutions to make title insurance and escrow services more convenient for market participants. Solutionstar intends to combine its existing title operations with Title365 and operate on a go-forward basis under the Title365, X1 Labs, X1 Xpress, X1 Analytics and Trusted Signing brands.
“This acquisition positions Solutionstar as a premier national title player and is an important next step in our ongoing commitment to develop the nation’s premier real estate technology company,” said Nationstar CEO Jay Bray.
“Acquiring Title365 underscores Solutionstar’s commitment to significant, sustained investments in innovation resulting in new technologies, products and third-party business,” said Solutionstar CEO Kal Raman. “We are proud to welcome Title365’s highly reputable management team and employees to the rapidly growing Solutionstar family.”
Title365 generated over $60 million of revenue in 2014. The transaction closed for $36 million in cash with additional consideration dependent on the ongoing involvement of certain key employees and achieving certain performance targets. The acquisition is expected to be accretive to earnings. Title365 was advised by JMP Securities.
Based in Lewisville, Texas, Solutionstar is an independently managed and operated provider of technology and data enabled solutions to homebuyers, home sellers, real estate professionals and companies engaged in the origination and / or servicing of mortgage loans. Solutionstar intends to transform the home buying experience through the utilization of a next generation real estate exchange and the delivery of high quality residential real estate services. More information about Solutionstar can be found at www.solutionstar.com.
Based in Dallas, Texas, Nationstar earns fees through the delivery of quality servicing, origination and transaction based services related principally to single-family residences throughout the United States. Additional corporate information is available on the investors tab at www.nationstarmtg.com.
Founded in 2009 on a commitment to delivering an industry-changing combination of centralized product fulfillment, faster turnaround of title, escrow and default services, and breakthrough technology solutions, Title365 is committed to delivering superior value while measurably improving the client’s business performance. Title365 serves residential real estate brokers, mortgage and financial institutions, asset managers and independent escrow agents. Title365 is headquartered in Newport Beach, California, and has over 400 employees. For additional information, please visit Title365’s website at www.title365.com.
Forward Looking Statements
Any statements in this release that are not historical or current facts are forward looking statements. These forward looking statements include, but are not limited to, without limitation, statements concerning the expected earnings contribution of Title365. Forward looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performances or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward statements. Certain of these risks and uncertainties are described in the “Risk Factors” section of Nationstar’s most recent annual report and other required documents as filed with the SEC which are available at the SEC’s website at http://www.sec.gov. Nationstar undertakes no obligation to publicly update or revise any forward looking statements or any other financial information contained herein, and the statements made in this press release are current as of the date of this release only.