The trend of consolidation among appraisal management companies is about to continue, as Pro Teck Valuation Services announced this week that it bought cloud-based valuation fulfillment platform and appraisal management company Direct Valuation Solutions.
As part of the acquisition, Michael Ousley, former CEO of DVS, will join Pro Teck as executive vice president of business development.
"Mike has a well-earned reputation as an innovator in the industry, and we are proud to have him, his employees and customers join the larger Pro Teck family,” Pro Teck CEO Tom O'Grady said in a statement.
"The synergies are exciting, with Pro Teck providing additional products and services to DVS clients, and Pro Teck now being able to offer a cloud-based solution to lenders who manage their own appraiser panel," he added.
Capitalizing on those synergies, the new Pro Teck will leverage DVS tech to enable lenders to manage the entire appraisal process in-house with automated assignment, tracking, quality control and payment processing. Pro Teck also said that it expects the acquisition will allow the company to increase its offering to both its own clients and those it inherits from DVS as well.
"Pro Teck has a similar service-oriented culture to ours, and we are excited about offering Pro Teck's broader products to our clients," Ousley said in a statement. "Our teams are remaining the same, and we'll still interact with our clients the same way."