NEW YORK, Nov. 12, 2020 /PRNewswire/
-- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the
"Company") is pleased to announce it has signed a definitive stock
purchase agreement to acquire 100% of privately held Timios
Holdings Corp. ("Timios") in an all-cash deal, the material terms
of which are disclosed in the Company's related 8-k filing. The
acquisition is subject to the satisfaction of regulatory approvals
and other customary closing conditions.
Timios, a nationwide title and settlement solutions provider,
has been expanding in recent years through offering innovative and
freedom-of-choice-friendly solutions for real estate
transactions, including residential and commercial title
insurance and closing and settlement services, as well as
specialized offerings for the mortgage industry.
Ideanomics expects that Timios will become one of the
cornerstones of Ideanomics Capital, the Company's fintech business
unit, which focuses on leveraging technology and innovation to
improve efficiency, transparency, and profitability for the
financial services industry. Timios combines difficult to obtain
licenses, a knowledgeable and experienced team, and a scalable
solutions platform to deliver best-in-class service through both
centralized processing and a localized branch network. Ideanomics
will assist Timios in scaling its business in various ways,
including referring client acquisition and product innovation.
Founded in 2008 by real estate industry veteran Trevor Stoffer, Timios' vision is to bring
honesty and transparency to real estate transactions. Mr. Stoffer,
who currently serves as Timios' Chairman of the Board, believes
that the real estate process has been overly complicated to the
detriment of consumers and commercial clients. The company offers
title and settlement, appraisal management, and real-estate-owned
(REO) title and closing services in 44 states and currently
serves more than 280 national and regional clients.
"As we move into an unprecedented era of data-driven real estate
transactions, Timios intends to continue to shepherd our customers
through this significant transformation in the real estate
industry by providing transparency and simplification," said Timios
Chairman of the Board, Trevor
Stoffer. "We look forward to leveraging Ideanomics'
resources to continue Timios' growth and to explore opportunities
to further modernize real estate closings."
|
|
Year
Ended
|
|
Year
Ended
|
|
9 months
ended
|
(US$
'000)
|
|
31-Dec-18
|
|
31-Dec-19
|
|
9/30/2020
(1)
|
|
|
|
|
|
|
|
Revenue
|
|
$
34,523
|
|
$
45,099
|
|
$
54,463
|
|
|
|
|
|
|
|
Cost of
revenue
|
|
26,096
|
|
30,695
|
|
38,629
|
|
|
|
|
|
|
|
Gross
profit
|
|
8,427
|
|
14,404
|
|
15,834
|
|
|
|
|
|
|
|
Operating
expenses
|
|
7,852
|
|
9,943
|
|
8,743
|
|
|
|
|
|
|
|
Operating
income
|
|
575
|
|
4,461
|
|
7,091
|
|
|
|
|
|
|
|
Other Income
(expense)
|
|
21
|
|
(63)
|
|
-
|
|
|
|
|
|
|
|
Net income before
taxes
|
|
596
|
|
4,398
|
|
7,091
|
|
|
|
|
|
|
|
Income tax benefit
(payable)
|
|
435
|
|
(1,791)
|
|
(1,687)
|
|
|
|
|
|
|
|
Net
income
|
|
$
1,031
|
|
$
2,607
|
|
$
5,404
|
|
|
|
|
|
|
|
(1) Financial
Statements for 9 months ended September 30, 2020 are
unaudited
|
Timios has introduced significant product and service level
improvements, becoming an innovator in the real estate title and
escrow services industries - markets poised for technology
disruption. Its proprietary tools eliminate tedious calculations
and provide increased pricing transparency to the benefit of all
parties in a transaction; lender, real estate agents, and consumers
alike. Using a combination of operational discipline and
technology, Timios employs efficient workflow management systems
and a data-driven approach which results in one of the highest
closing rates in the business.
"Ideanomics' DNA is to serve as a catalyst for change through
innovation. Timios fits perfectly within our model as a disruptive
force in the mortgage and title industry, which currently has many
antiquated processes that go against the trend towards transparency
and freedom of choice. With this acquisition, we are onboarding a
profitable business which has grown both its top and bottom line
tremendously in 2020. We are delighted to add them to our family,
where we anticipate they will integrate seamlessly, and we look
forward to working with the management team to further develop what
is a win-win for both Ideanomics and Timios," said Alf Poor, CEO of Ideanomics.
The U.S. real estate market is forecasted to continue its upward
trend in 2021, with home sales expected to rise and a high volume
of sales to occur as buyers take advantage of low interest
rates.1 According to Realtor.com, its 'pace of sales'
metric– which tracks differences in time-on-market – continues to
remain above the pre-COVID baseline and is 18.9 points above the
January baseline, suggesting buyers and sellers are continuing to
connect at a faster rate going into the 2020 fall.
For more information, visit: ideanomics.com or timios.com
About Timios Holding Corp.
Timios is the Greek word
for "honest," and that has guided everything we do since 2008. Our
mission is simple: to provide an unparalleled real estate
transaction experience for buyers, sellers, and professionals. By
empowering our customers through innovation, providing total
transparency, and simplifying every step, we've revolutionized the
process to give our customers the control they deserve.
About Ideanomics
Ideanomics is a global company
focused on the convergence of financial services and industries
experiencing technological disruption. Our Mobile Energy Global
(MEG) division is a service provider which facilitates the adoption
of electric vehicles by commercial fleet operators through offering
vehicle procurement, finance and leasing, and energy management
solutions under our innovative sales to financing to charging
(S2F2C) business model. Ideanomics Capital is focused on disruptive
fintech solutions and services across the financial services
industry. Together, MEG and Ideanomics Capital provide our global
customers and partners with leading technologies and services
designed to improve transparency, efficiency, and accountability,
and our shareholders with the opportunity to participate in
high-potential, growth industries.
The company is headquartered in New
York, NY, with offices in Beijing, Hangzhou, and Qingdao, and operations in the U.S.,
China, Ukraine, and Malaysia.
Safe Harbor Statement
This press release contains
certain statements that may include "forward looking statements".
All statements other than statements of historical fact included
herein are "forward-looking statements." These forward-looking
statements are often identified by the use of forward-looking
terminology such as "believes," "expects" or similar expressions,
involve known and unknown risks and uncertainties, and include
statements regarding our intention to transition our business model
to become a next-generation financial technology company, our
business strategy and planned product offerings, our intention to
phase out our oil trading and consumer electronics businesses, and
potential future financial results. Although the Company believes
that the expectations reflected in such forward-looking statements
are reasonable, they do involve assumptions, risks and
uncertainties, and these expectations may prove to be incorrect.
You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The Company's actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of risks and uncertainties, such as risks related to: our
ability to continue as a going concern; our ability to raise
additional financing to meet our business requirements; the
transformation of our business model; fluctuations in our operating
results; strain to our personnel management, financial systems and
other resources as we grow our business; our ability to attract and
retain key employees and senior management; competitive pressure;
our international operations; and other risks and uncertainties
disclosed under the sections entitled "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in our most recent Form 10-K and Form 10-Q
filed with the Securities and Exchange Commission, and similar
disclosures in subsequent reports filed with the SEC, which are
available on the SEC website at www.sec.gov. All forward-looking
statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by these risk
factors. Other than as required under the securities laws, the
Company does not assume a duty to update these
forward-looking statements.
Investor Relations and Media Contact
Timios Holding
Corp.
Ernie Lewis, SVP of Marketing
5716 Corsa Avenue, #102 Westlake Village,
CA 91362
elewis@Timios.com
Ideanomics, Inc.
Tony Sklar, SVP of Investor
Relations
1441 Broadway, Suite 5116, New York,
NY 10018
ir@ideanomics.com
Valerie Christopherson /
Lora Wilson
Global Results Communications (GRC)
+1 949 306 6476
valeriec@globalresultspr.com
1 https://www.realtor.com/research/topics/real-estate-market-outlook/
View original content to download
multimedia:http://www.prnewswire.com/news-releases/ideanomics-announces-definitive-agreement-to-acquire-timios-holdings-corp-301171853.html
SOURCE Ideanomics; Timios Holdings Corp.