Solidifi, an independent provider of real estate valuation services, announced it would be acquiring Linear Title & Closing. This new acquisition would bring Solidifi’s real estate technology platform to the $10 billion title and closing market.
Linear is based in Rhode Island, and is an independent title search and closing provider for refinance, purchase, short sale and real estate owned transactions nationwide. These services will add to Solidifi’s market, and expand its market share.
Solidify has an investment of more than $35 million to date in its proprietary software program. Its market share has grown about 50% each year.
“The management team of Linear has long been seeking like-minded partners focused on building scalable software services for the mortgage closing space,” Linear Chief Executive Officer Nick Liuzza said.
“Linear has a tradition of developing services for its clients that improve operating profitability and enhance customer outcomes,” Liuzza said. “We could not be more excited to collaborate on these initiatives with Solidifi, which will benefit our clients, our field agents, the industry and Linear’s partners.”
Due to this newly acquired technology, the company will be able to grade and manage field agents in real time, select the right agent for each transaction and provide faster, higher quality and compliant products. The technology will provide better efficiency, and also allow Solidifi to operate on a lower cost structure than other service providers.
Linear is Solidifi’s third acquisition since 2013, and the transaction brings the company’s total employee count to over 700. Solidifi’s parent, Real Matters, raised $100 million through a private placement of common equity to fund the acquisition.