Altisource Acquires Owners.com to Expand Online Residential Real Estate Business
November 24 2014 - 8:29AM
Business Wire
Addition of One of the Largest Self-Directed
Real Estate Marketplaces Substantially Expands Altisource’s
Residential Real Estate Capabilities
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.
Investor Contact:Michelle D. Esterman, +352 2469
7950Chief Financial
OfficerMichelle.Esterman@Altisource.luorPress
Contact:Barbara L. Goose, 617-728-5501Global Chief Marketing
OfficerBarbara.Goose@Altisource.com
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