Title Resource Group, a title and settlement services provider, announced Tuesday that its wholly owned subsidiary, Texas American Title Company, entered into an agreement to acquire the assets of Texas-based ITCOA.
ITCOA, which is headquartered in Austin, does business throughout Texas as Independence Title.
Financial terms of the agreement were not disclosed.
Independence Title has 55 locations and approximately 350 employees in Texas. Following the close of the transaction, Title Resource Group, which is a subsidiary of Realogy Holdings Corp. (RLGY), will have over 100 office locations across the state, including its existing Texas American Title Company operations.
"This is a strategic move that will expand our market presence throughout Texas," said Donald Casey, president and chief executive officer of Title Resource Group.
"We are pleased to have Independence Title and its experienced and skilled management team join our portfolio of locally operated title and settlement services companies across the nation,” Casey said. “Like TRG, Independence Title operates with high standards of ethics and compliance, which is an important part of our company culture."
ITCOA’s existing owners, Jay Southworth and Brian Pitman, will remain with the company in their current capacities as chief executive officer and president, respectively, the companies said.
"We are very excited to be joining the Title Resource Group family of companies," said Southworth. "Our affiliation with TRG will open the doors to opportunities that we may not have had access to in the past. We believe that this new relationship will help us with additional growth in our business, and it will immediately provide benefits to our customers and our employees."