Ideanomics Announces
Definitive Agreement to Acquire Timios
Holdings
Corp.
- Ideanomics has signed a
definitive agreement to acquire fast-growing
California-based
Timios
Holdings
Corp., a leading title and settlement solutions
provider
- Timios currently has 285 employees
and operations in
44 states, and has booked
over $60m in
YTD
revenues, including over $8m in October
2020
- A strategic acquisition,
Timios
becomes one of the
cornerstones of Ideanomics Capital, delivering innovative
fintech solutions to the U.S. real estate
industry
- The acquisition is in line
with Ideanomics' core ethos of participating in the
convergence of fintech and industries that are both
in
transition and have high barriers to
entry
New York,
November 12,
2020 -- InvestorsHub NewsWire -- 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."
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