Stewart Title acquires valuation services company Pro Teck
Stewart Appraisal Management, a subsidiary of Stewart Information Services Corp., announced on Thursday it acquired valuation services company Pro Teck Valuation Intelligence.
Stewart is looking to strengthen and expand its scale in the appraisal and valuation solutions space. With more than 40 years of residential real estate experience, Pro Teck provides property valuation services and recently released its technology Valuation Intelligence, a cloud-based fulfillment platform that provides residential real estate values and market information, as well as an SaaS solution to enable lenders to directly manage the appraisal process in house.
“As we continue to invest in Stewart’s future, this acquisition adds innovative technology, data and analytics to our growing valuation businesses, critical for driving future business,” Stewart CEO Fred Eppinger said. “Pro Teck’s added scale and capabilities take us one step closer to becoming the premier title services company, allowing us to increase our services for our customers.”
This acquisition comes just months after Stewart acquired United States Appraisals. Headquartered in Overland Park, Kansas, United States Appraisals provides residential management solutions on a nationwide level.
This is the second acquisition for Stewart following last September’s decision by the Federal Trade Commission to halt the company’s merger with Fidelity National Financial. The two companies terminated the deal, which would have seen Fidelity buy Stewart for $1.2 billion.
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But that change of plans has not kept the company from growing and even expanding into several new markets this year.
“We are very excited to become part of the Stewart family,” Pro Teck CEO Tom O’Grady said. “Stewart’s commitment to building their appraisal and valuation capabilities into a dominant market leader was attractive to us. With the strength of Stewart, and the synergies with Stewart’s existing appraisal and valuation operations, we will be able to bring much greater value and competitive advantage to our clients.”
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