Solidifi, a provider of residential real estate appraisals, acquired Cincinnati-based Southwest Financial Services, provider of outsourced services to home equity lenders.
“The combination of Solidifi’s strength in purchase and refinance appraisals provided by our network of more than 25,000 appraisers and Southwest Financial Services' innovative home equity product offerings creates a robust experience for lenders, who have access to a more complete suite of solutions,” said Solidifi’s CEO, Jason Smith.
Southwest Financial Services has been in the industry for more than 25 years, providing title, valuation and flood determination services for lenders.
Greg Schroeder, president of Southwest Financial Services, will remain an advisor to the company.
In addition, the acquisition was made with the company’s existing cash resources.
Along with the acquisition, Solidifi’s parent, Real Matters, raised $60 million in financing to strengthen the company’s balance sheet and to pursue further strategic opportunities.