Mortgage servicer LenderLive has acquired reQuire Holdings, a group of technology-enabled companies that provide compliance, quality assurance and valuation solutions for the residential and commercial real estate market, from L2 Capital Partners, a Devon, Pa.-based private equity family office.
Terms of the deal were not disclosed.
Headquartered in Virginia Beach, Va., reQuire offers diverse services, including lien release tracking, title search and reporting services, title curative services, due diligence, quality assurance, asset valuation and business process management (BPM) technology solutions.
The acquisition will complement LenderLive’s document and settlement services offerings and enable the combined companies to provide additional solutions to clients.
Rob Clements, chairman and chief executive officer of LenderLive, says in a statement that the purchase of reQuire is in keeping with LenderLive’s strategy to “build out the services side of our business and enhance the capabilities of the broader organization” through acquisitions.
“The acquisition of reQuire strengthens our current franchise and solidifies LenderLive’s position as a leading provider of financial and compliance services,” adds John Surface, president and chief operating officer of LenderLive. “The transaction deepens our management team and gives us a broad set of adjacent products that significantly expand our ability to serve our clients.”
Evercore acted as LenderLive’s financial advisor and Ballard Spahr LLP acted as legal counsel to LenderLive in connection with the acquisition.
Up until the purchase by LenderLive, reQuire Holdings had, itself, been growing through acquisition. In May of last year, reQuire acquired Service 1st Valuation and Settlement Services Inc., a provider of valuation risk management services, including desk reviews, valuation risk analysis, field reviews and market data.
The deal was preceded by reQuire acquisition of Deeds on Demand, the first Internet-based deed and real estate document service designed to provide fast, accurate and integrated document preparation services. That deal gave settlement agents and closing attorneys using reQuire Real Estate Solutions fast and easy access to document preparation, property search, title curative and lien release tracking solutions.
And in 2016, reQuire acquired Covius, a provider of risk management and compliance-related services and technology.