SitusAMC acquires Assimilate Solutions
Real estate services and technology firm SitusAMC on Monday announced its acquisition of mortgage and title outsourcer Assimilate Solutions – the second acquisition by the New York-based firm in January, and its fourth overall in less than a year.
Terms of the deal were not disclosed.
In a statement, SitusAMC said its latest acquisition will help to expand its residential mortgage offerings. The deal also gives it an international footprint; Assimilate has offices in the Indian cities of Gurugram, Noida and Chandigarh.
Launched in 2012, Assimilate outsources lenders’ document preparations for new and active loans as well as documentation for title, escrow and settlement processes. The firm also offers analysis and audits for clients in both the primary and secondary mortgage markets.
“This acquisition provides us with an optimized business model leveraging a combination of onshore and offshore staff that can support our clients’ licensed and non-licensed activity needs in a nimble, technology-enabled environment, which will drive better outcomes for everyone we serve,” said SitusAMC CEO Michael Franco.
In the past year alone, SitusAMC has embarked on a buying spree. On Jan. 12 the firm broke in to the wholesale tech channel after acquiring mortgage tech software developer ReadyPrice for an undisclosed amount.
In its latest release, SitusAMC revealed it plans to utilize ReadyPrice’s platform to reach brokers and lenders looking to outsource solutions in 2021.
In November the firm scooped up rSquared, the parent company of compliance technology provider ComplianceEase in September, and the third-party loan servicing platform Cohen Financial in August.
Despite all the acquisitions, they are still operating in a high-growth market with tough competition. Market rival Intercontinental Exchange scooped up Ellie Mae in an $11 million deal in September, while Wolters Kluwer GRC took in eOriginal in December and mortgage compliance software provider Questsoft was snapped up in Jan. 2021 by Ncontracts to name a few.
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