Lereta said it has acquired the real estate tax services business of LPS Property Tax Solutions, a wholly owned division of Lender Processing Services (LPS).
Covina, Calif.-based Lereta "will fully support LPS Tax customers" with property tax services for mortgage lenders and servicers, said Dan Scheuble, LPS chief operating officer. Scheuble said LPS will work closely with Lereta during the transition to ensure a smooth conversion for customers to Lereta's systems.
Financial terms of the deal were not disclosed.
Lereta has more than 26 years of experience in the property tax business, Lereta CEO Doug Foley said.
"Our company has been consistently healthy and strong throughout this difficult economy, and we are excited about the growth prospects and opportunities in the market today,” he said.
Kerlin Capital Group, a Los Angeles-based boutique investment bank, represented Lereta in the transaction.
Lereta provides real estate tax services for residential and commercial loans, including automated online research and certification, tax bill processing, delinquent tax services and customized tax outsourcing service programs.