Accurate, a Real Estate Transaction Services Company, Brings Home a $55 Million Equity Investment
Cleveland, OH – December 11, 2012 – Accurate Group Holdings, Inc., a technology-enabled, outsourced provider of real estate transaction services to mortgage lending and loan servicing clients, today announced it has received a $55 million equity investment led by ABS Capital Partners, a leading investor in later-stage growth companies. The Company will use the funds to fuel continued growth. As a result of the financing, ABS Capital Managing General Partner Phil Clough and General Partner Cal Wheaton will join Accurate’s Board of Directors.
“Accurate’s business model is based on a proprietary technology platform that facilitates high-volume transaction processing and tailored technology integrations for each of our institutional clients,” said the Company’s President and Chief Executive Officer, Paul Doman. “We have developed strong, collaborative relationships with an outstanding group of clients along with a diverse suite of more than 100 products that provide value-added solutions to these clients. We are excited about how this investment will help us enhance our existing client relationships and further accelerate our growth. ”
Accurate provides technology and data-enabled services to mortgage lenders, including a comprehensive offering of valuation, title and closing products. These services support all phases of the residential lending and loan servicing cycle and are tailored to their clients’ new purchase mortgages, refinancings, home equity loans and default services. Accurate has enjoyed rapid growth despite a weak housing market as lenders have increasingly outsourced lending and loan servicing components, particularly to domestic service providers, in response to heightened regulatory and compliance pressures.
Accurate has demonstrated a unique ability to innovate and launch new products in response to changing regulatory requirements, which has provided the Company with a meaningful first-mover advantage with several key products.
“Accurate has built an impressive roster of blue-chip lending clients and has demonstrated a perfect record of client retention over the past three years,” said Phil Clough of ABS Capital. “The Company immediately stood out to us as a market leader given that they have solutions to address all of their clients’ needs across the lending and loan servicing spectrum, and we are looking forward to being a part of the Accurate’s next phase of growth.”
Accurate provides its products to super-regional banks (defined as U.S. banks ranked between numbers 5 and 50 based on assets), regional banks, mortgage lenders, credit unions and title companies, as well as mortgage brokers, realtors and builders to a lesser extent. Charlotte-based Edgeview Partners acted as the sole financial advisor to Accurate.
About Accurate Group Holdings, Inc.
The Accurate Group provides national real estate transaction services to the financial services industry with a focus on title insurance and searches, loan processing, appraisal and valuation services, and loan due diligence services. Accurate’s mission is to routinely solve client problems by creating efficiency, reducing risk, and cost through the entire real estate loan process. For more information, please visit www.accurategroup.com.
About ABS Capital Partners
At ABS Capital Partners, we have a simple mission–to invest in the very best late-stage growth companies. Our singular focus has allowed us to cultivate a deep understanding of what it takes to get promising businesses to the next level. Our priority is finding the best growth companies—not completing certain types of transactions or investing specific amounts of dollars. Our flexibility allows us to structure the right deal to support a company’s growth trajectory and particular needs. We actively partner with CEOs to tackle the challenges of rapid expansion and create significant long-term value. Our partners are highly experienced at working with growth companies—each having spent between one and three decades in their industry as C-level executives, investment bankers, consultants or investors.
ABS Capital Partners specializes in four growth sectors—business and education services, health care, media and communications, and technology—and has invested in over 100 growth companies over the past two decades. With over $2 billion raised since inception, including $500 million in its latest fund, ABS Capital continues to build on its strong reputation for teaming with CEOs and market leaders to deliver strong returns to investors. For more information, please visit www.abscapital.com.
About Edgeview Partners
Edgeview Partners (www.edgeview.com) is a leading independent investment bank focused exclusively on the middle market. Edgeview has closed M&A transactions in more than 15 industry sectors, including aerospace and defense, applied technology, building products, business services, consumer products, diversified industrials, energy services, healthcare, and transportation and logistics.