Solutionstar Holdings, an indirect wholly-owned subsidiary of Nationstar Mortgage Holdings (NSM), has closed on its acquisition of Experience 1, the holding company for Title365 and technology subsidiaries X1 Labs and X1 Xpress.
They are known collectively as Title365.
Through the transaction, Solutionstar expects to speed operations through added efficiency, by using Title365’s licenses to expand into new geographic markets, particularly in California.
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.