Dolan Media Co., a provider of business information and professional services to the legal, financial and real estate sectors, says that its majority-owned subsidiary, American Processing Company LLC (APC), has signed a definitive agreement to purchase National Default Exchange (NDEx), a mortgage default processing services company based in Addison, Texas.
NDEx provides mortgage default processing services in Texas, California and Georgia, three of the top 10 states experiencing prolific default-related activity. APC currently provides similar services in Michigan, Indiana and Minnesota. NDEx also provides property title services and licenses specialized software for the mortgage banking industry.
The transaction will be funded by a significant portion – or all – of a $64 million private placement of Dolan Media common stock and by debt from the company's credit facility, the company says. The closing of the acquisition is conditioned upon National Default Exchange LP entering into a long-term exclusive services agreement with Barrett Daffin Frappier Turner & Engel LLP, an Addison, Texas-based law firm that currently uses NDEx for processing services.
Source: Dolan Media Co.
