Big investor moves into RealtyTrac, CEO replaced
Renovo Capital acquired a majority stake in Irvine, Calif.-based RealtyTrac and will inject a large dose of capital to expand the platform of the online foreclosure marketplace. The deal will result in the formation of a new company, Renwood RealtyTrac, and is shaking up executive management, with RealtyTrac CEO and founder James Saccacio stepping down from his executive post. Renwood RealtyTrac appointed Brandon Moore to take Saccacio's place as CEO. Saccacio will continue serving the new entity as a public spokesperson and board member, the company said. Renwood will operate the RealtyTrac website and the current RealtyTrac brand. The company said the changes are not expected to impact end-users of the RealtyTrac site. RealtyTrac said Renovo Capital's private equity firm Renwood Opportunities Fund will provide the capital to fund RealtyTrac's growth and expansion into new areas of the market. "I am excited to move forward with this venture as it will empower RealtyTrac to better serve its customers, providing them with a wider data reach, more robust foreclosure search and real estate research capabilities, and an enhanced user experience," said Saccacio. "With this capital infusion, RealtyTrac’s leadership can expand on its core competencies of collecting, analyzing and democratizing the availability of U.S. foreclosure data," he added. "We have identified just the right investor to partner with, and the timing of this investment is well synched with our plans for maintaining RealtyTrac’s reputation as a go-to company that exceeds the needs of its customer base and addresses the exciting challenges the dynamic real estate market presents." RealtyTrac would not elaborate on how much of a stake Renovo Capital took in the company. The new entity selected Moore to serve as CEO. Prior to this appointment, Moore led the expansion of online ventures and was most recently the senior vice president and general manager of One Technologies. Write to Kerri Panchuk.