Altisource Portfolio Solutions, offering marketplace and transaction solutions to the real estate, mortgage and consumer debt industries, has entered into a definitive agreement to acquire Equator LLC, offering mortgage and real estate technology solutions, for about $70 million.
The actual closing price is subject to Equator achieving certain annual performance targets and could be as high as $80 million, Altisource states in a press release. The deal is expected to close within the next 30 days.
William B. Shepro, CEO of Altisource, says the deal expands Altisource's ‘marquee client list and provides our customers with one of the most comprehensive real estate life cycle management platforms and services marketplaces available.’
‘The Equator brand and management team are an essential part of the acquisition,’ Shepro says. ‘Equator will join the Altisource family of businesses and operate within our technology services segment. Together, we will continue to develop innovative process management and vendor solutions across the real estate and mortgage marketplaces.’
Four of the top six U.S. mortgage servicers, as well as government sponsored enterprises, more than 460,000 real estate agents and about 20,000 service providers use Equator's marketplace platform to coordinate activities associated with the management of mortgages and the purchase, management and sale of real estate.
‘Equator and Altisource have a shared vision for enabling the real estate marketplace of the future with a common, modern technology platform that reduces friction, enhances compliance and creates transparency for all participants,’ says Christopher L. Saitta, CEO of Equator. ‘Our combined technical and financial strength means that our customers can look forward to more rapid product innovation and responsiveness to industry changes on EQ platforms.’