ASPS Altisource Portfolio Solutions SA

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 24, 2014

 

 

ALTISOURCE PORTFOLIO SOLUTIONS S.A.

(Exact name of Registrant as specified in its charter)

 

 

 

40, avenue Monterey

L-2163 Luxembourg

Grand Duchy of Luxembourg

(Address of principal executive offices including zip code)

 

+352 2469 7900

(Registrant’s telephone number, including area code)

 

NOT APPLICABLE

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o            Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o            Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 8.01 Other Events

 

On November 24, 2014, Altisource Portfolio Solutions S.A. announced that it has completed the acquisition of Owners.com.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits

 

Exhibit No.		Description
Exhibit 99.1		Press release of Altisource Portfolio Solutions S.A. dated November 24, 2014

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: November 24, 2014

 

 

	Altisource Portfolio Solutions S.A.
	By:	/s/  Michelle D. Esterman
	Name:	Michelle D. Esterman
	Title:	Chief Financial Officer

 

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Exhibit 99.1

 

 

Investor Contact: Michelle D. Esterman Chief Financial Officer +352 2469 7950 Michelle.Esterman@Altisource.lu

Press Contact: Barbara L. Goose Global Chief Marketing Officer 617.728.5501 Barbara.Goose@Altisource.com

 

Altisource Acquires Owners.com to Expand Online Residential Real Estate Business

 

Addition of One of the Largest Self-Directed Real Estate Marketplaces

 

Substantially Expands Altisource’s Residential Real Estate Capabilities

 

LUXEMBOURG, November 24, 2014 — Altisource Portfolio Solutions S.A. (“Altisource”) (Nasdaq:ASPS) today announced it has acquired the Owners.com® business to expand Altisource’s growing position in the residential real estate industry. The acquisition adds an innovative, flat-fee MLS service to Altisource’s offerings, enabling the company to serve the fast-growing category of limited service home sellers. Owners.com will operate alongside Altisource’s online real estate auction marketplace, Hubzu.com.

 

Altisource Chief Executive Officer William Shepro said, “Owners.com is one of the leading self-directed online real estate marketplaces, and this acquisition fits perfectly with the future of our company. It allows us to combine the expertise we offer the online home auction industry through Hubzu with an innovative residential sales model to create a unique, best-in-class real estate e-commerce engine. As the real estate market continues to evolve, this acquisition puts us in a strong position to work with real estate agents, home buyers and home sellers to deliver value through the fast growing limited service home sales market.”

 

Last year, the limited service and self-directed real estate category accounted for 30 percent of all home sales, according to research from the National Association of Realtors. Owners.com was launched in January 1996 and today has become one of the largest marketplaces of self-directed home buyers and sellers. Last year consumers listed approximately 35,000 properties for sale on Owners.com with an aggregate asking price of approximately $11.5 billion. Owners.com offers home sellers access to the key professional listing boards necessary to market a home and professional transaction support during the process.

 

 

Owners.com Chief Executive Officer Steve Udelson commented, “Altisource has brought incredible technology innovation to real estate. We are very excited to join such an exceptional organization with the same focus on creating efficiencies in real estate that benefits all parties involved, including agents and consumers. The Owners.com team is committed to creating more market impact, and we are confident that being part of Altisource will amplify our ability to drive change and grow our business.”

 

Altisource purchased the company for $20 million at closing and up to an additional $7 million in potential consideration based on revenue earned in the two consecutive 12-month periods following closing. Owners.com’s management and employees have joined Altisource.

 

Forward-Looking Statements

 

This press release contains forward-looking statements that involve a number of risks and uncertainties. Those forward-looking statements include all statements that are not historical fact, including statements about management’s beliefs and expectations. Forward-looking statements are based on management’s beliefs as well as assumptions made by and information currently available to management. Because such statements are based on expectations as to future economic performance and are not statements of historical fact, actual results may differ materially from those projected. The Company undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to: Altisource’s ability to retain existing customers and attract new customers; general economic and market conditions; governmental regulations, taxes and policies; availability of adequate and timely sources of liquidity; and other risks and uncertainties detailed in the “Forward-Looking Statements,” “Risk Factors” and other sections of the Company’s Form 10-K and other filings with the Securities and Exchange Commission.

 

About Altisource®

 

Altisource Portfolio Solutions S.A. is a premier marketplace and transaction solutions provider for the real estate, mortgage and consumer debt industries offering both distribution and content. Altisource leverages proprietary business process, vendor and electronic payment management software and behavioral science based analytics to improve outcomes for marketplace participants. Altisource has been named to Fortune’s fastest growing global companies two years in a row. Additional information is available at www.Altisource.com.

 

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