Altisource Expands Capabilities in the Home Rental Market With Acquisitions of RentRange and Investability
October 13 2015 - 7:25AM
Altisource Portfolio Solutions S.A. ("Altisource") (NASDAQ:ASPS), a
leading provider of mortgage, financial and technology services for
the real estate and mortgage industries, today announced the
acquisitions of both RentRange and Investability – substantially
expanding Altisource's offerings, reach and data capabilities in
the real estate services market.
- RentRange is a leading provider of rental home data and
information to the financial services and real estate industries,
delivering a wide assortment of address and geography level data,
analytics, and rent-based valuation solutions for single and
multi-family properties.
- Investability is an online residential real estate search and
acquisition platform that utilizes data and analytics to allow real
estate investors to access the estimated cash flow, capitalization
rate, net yield and market value on properties for sale in the
United States.
Together, the acquired businesses will add to Altisource's real
estate capabilities by providing customers – including users of its
Hubzu® and Owners.com® online real estate sales and auction
platforms – with highly accurate pricing information about rental
home investments and access to valuable investment property
inventory.
"These acquisitions squarely support our real estate and
mortgage marketplace strategy and enable us to provide valuable
analytics to the home rental, renovation, sale and origination
markets," said William Shepro, Chief Executive Officer of
Altisource. "RentRange and Investability, when combined with
Altisource's services, offer investors the data and information
they need to make well-informed decisions about the homes they're
buying, renting and managing. We are thrilled to add the RentRange
and Investability teams to the Altisource family."
"Altisource brings a forward-looking approach to the real estate
marketplace that we're very excited to join," said Walter Charnoff,
Chief Executive Officer of RentRange and Investability. "Our vision
has always been to develop the most comprehensive residential
property rental data repository in the country, along with a
powerful and unique search and transaction engine for rental homes.
Together with Altisource, we will quickly realize this vision in a
much broader and more impactful way."
To view a presentation containing additional information on this
acquisition, please visit the Investor Relations, Events and
Presentations section of Altisource's website,
ir.altisource.com/events.cfm.
About Altisource®
Altisource Portfolio Solutions S.A. is a premier
marketplace and transaction solutions provider for the real estate,
mortgage and consumer-debt industries. Altisource's proprietary
business processes, vendor and electronic payment management
software and behavioral science-based analytics improve outcomes
for marketplace participants. Additional information is available
at www.altisource.com.
About RentRange
RentRange is a premier provider of Rental Market Intelligence™
to the financial services and real estate industries, delivering a
wide assortment of address and geography level rental data,
analytics, and rent based valuation solutions for single and
multi-family properties. Its products include a combination of
on-demand automated rent valuation reports and subscription based
macro data available at the MSA, county, city and zip code levels.
The company fills a longstanding void in the information services
community by providing a standardized, reliable source for national
residential rental data that is tremendously important for
confident and effective decision making.
About Investability
Investability is an online search and acquisition platform
transforming the way in which investors from around the globe
acquire real estate in the U.S. Investability utilizes the
industry's best data to accurately provide cash flow,
capitalization rate, net yield, and market value analysis on each
property for sale in the United States. Its platform then allows
investors from around the globe to input their financial
performance criteria and search, and sort by those financial
metrics. Once they have identified the properties that fit their
criteria, they are able to purchase the property, order home
inspections, obtain financing, set up insurance and hire a property
management firm, all within its ecosystem.
Forward-Looking Statements
This press release contains forward-looking statements that
involve a number of risks and uncertainties. These
forward-looking statements include all statements that are not
historical fact, including statements about management's beliefs
and expectations. These statements may be identified by words
such as "anticipate," "intend," "expect," "may," "could," "should,"
"would," "plan," "estimate," "seek," "believe," "potential" and
similar expressions. 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 the future and are not statements of
historical fact, actual results may differ materially from what is
contemplated by the forward-looking statements. Altisource
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 integrate the acquired business, retain
key executives or employees, retain existing customers and attract
new customers, general economic and market conditions, behavior of
customers, suppliers and/or competitors, technological
developments, 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 Altisource's Form
10-K and other filings with the Securities and Exchange
Commission.
CONTACT: Investor Contact:
Michelle Esterman
Chief Financial Officer
+352 2469 7950
Michelle.Esterman@altisource.lu
Press Contact:
Nicole Messier
Director, Global Communications
617-357-6349
Nicole.Messier@altisource.com
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