Execs in LPS real estate group split, form new firm
A group of executives in the real estate group of Lender Processing Services (LPS) bought out several of the firm's business lines to form Real Estate Digital. Jay Gaskill, Prem Luthra, Mike Kovar and John Hensley, acquired certain assets of the real estate data and analytics company for an undisclosed amount with the help of a private, noninstitutional investor. Gaskill, president of LPS Real Estate, is CEO of the new company, and Luthra will serve as chief strategy officer and revenue officer. Kovar and Hensley have been appointed CFO and chief technology/products officer, respectively. The executives held similar positions at the LPS unit. "I would say it was two things that came together simultaneously (that prompted the acquisition)," said Luthra. "On the one hand, LPS is looking to narrow its focus to its core set of capabilities and to drive more value to its core constituency, which is tier one lenders. On the other hand, the team of managers behind Real Estate Digital worked together for five years and noticed a lot of change occurring in the economy and real estate industry." The acquisition allows the new firm to develop technology for the industry at a faster rate, according to Luthra. The products moving to Real Estate Digital from LPS Real Estate Group include rDesk Websites, Real Estate and Living Media, reDataVault, TransactionPoint, DocCentral, FormCentral, MLS Portal, Neighborhood and School Reports, rDesk cRM, rDesk CMA and rDesk IDX. LPS retains all its MLS systems. "Throughout more than five years of acquisitions, spinoffs and name changes our management team has always stood 100% behind the value of our products," said Gaskill. "But our goal now is a laser focus on the real estate industry. Under that same, proven leadership, RED is here to make this industry — our industry — better for all of us through innovation." Write to Kerri Panchuk.