Voxtur executes purchase agreement for Xome Valuations, a leading provider of valuation management products and services to clients in the residential real estate sector
TAMPA, Fla., and TORONTO, Aug. 23, 2021 (GLOBE NEWSWIRE) — Voxtur Analytics Corp. (TSXV: VXTR – OTCQB: VXTRF) (“Voxtur” or the “Company”) is pleased to announce that its wholly-owned U.S. subsidiary, Voxtur Analytics US Corp., has executed a purchase agreement (the “Agreement”) for the acquisition of all of the issued and outstanding membership interests (the “Acquisition”) of Xome Services LLC and Xome Valuation Services LLC (collectively, “Xome Valuations”). Xome Valuations is a leading provider of valuation management products and services to clients in the residential real estate sector. Together, Voxtur’s technology platform and Xome Valuations’ brand and operational expertise in the industry will help financial institutions more efficiently and effectively engage with their clients and build the rails that will guide the future of real estate finance.
Total consideration for the Acquisition is approximately US$15 million (the “Purchase Price”), with US$6 million of the purchase price to be satisfied by the issuance of common shares of Voxtur, where the value of each share shall be calculated on the closing date of the Acquisition and shall be equal to the volume weighted average closing price per share for the thirty (30) calendar days preceding such date (the “Share Component”) and US$9 million of which will be comprised of a cash payment. In addition, the Share Component will be subject to a contractual lock up, with such locked-up shares being released in equal installments every calendar quarter.
“This acquisition is the result of a longstanding working relationship with Xome and is an opportunity for us to leverage our valuation technology to create a best-in-class valuation business,” said Voxtur CEO Jim Albertelli. “Adding the Xome Valuations business to the Voxtur enterprise further strengthens our foothold in the valuation space and accelerates our goal of becoming the most robust, authoritative source of property value in the real estate lending ecosystem.”
Voxtur accelerated the development of its cloud-based valuation management platform through the acquisition of Anow earlier this year, which creates a streamlined valuation solution for lenders, servicers, appraisal management companies and appraisers. The new capabilities include a fully automated data-driven valuation platform supplying lenders, appraisers and consumers with maximum flexibility and choice.
“Since the creation of Voxtur, we have been on a mission to create a more transparent and accessible real estate lending ecosystem with the power to help people reach their financial goals, like purchasing a home,” said Voxtur Executive Chairman Gary Yeoman. “Valuations are manual, time-consuming processes for lenders and consumers, and by bringing all parties into the same automated platform we can vastly improve the experience. With an intense focus on clients and operational efficiency, Xome Valuations is the right match to help us scale our efforts and make an immediate impact in the valuation inustry.”
Voxtur’s cloud-based platform, which enables more accuracy, a more secure workflow, and more streamlined collaboration among appraisers, appraisal management companies, and consumers throughout the valuation process, will integrate with Xome Valuations’ client base to create a more efficient digital valuation experience.
The Xome Valuations team will continue to be led by Al Broadway as President.
Completion of the Acquisition is subject to the receipt of all required regulatory, corporate and third-party approvals, including the approval of the TSX Venture Exchange (the “TSXV”), and is expected to close in the third quarter of 2021.