North American technology company Voxtur Analytics Corp.’s wholly owned U.S. subsidiary, Voxtur Analytics US Corp., has executed a purchase agreement for the acquisition of all of the issued and outstanding membership interests of Blue Water Financial Technologies Holding Co. LLC for approximately $101 million.
Blue Water, which delivers SaaS-based solutions to investors trading mortgage servicing rights (MSR) and whole loans, is a provider of asset valuation, MSR distribution, MSR hedging and digital solutions to MSR investors and mortgage lenders. Blue Water’s core analytic capabilities and advanced technology solutions are elements in an end-to-end mortgage asset solution. Blue Water’s platform is used by originators and spans pricing, trading, commitment, pre-funding quality control, transfer, due diligence and servicing oversight of various types of mortgage assets. This acquisition will bring Voxtur’s technology suite to the secondary market.
“The integration of Blue Water into the Voxtur product suite strengthens our technology foothold and places us squarely in the capital markets arena,” says Voxtur CEO Jim Albertelli. “The collective expertise of the Blue Water technologists, data scientists and asset managers who seamlessly integrate technology and trading expertise creates a unique opportunity for Voxtur in the secondary mortgage market. This acquisition will accelerate the evolution of Voxtur’s investments in technology and proprietary industry data into a resilient and dynamic growth platform.”
“We are thrilled to be combining the Blue Water and Voxtur brands to provide dynamic and agile data analytic solutions to the mortgage industry. Voxtur’s expansive client base provides enormous opportunities for us as well as our clients,” comments Alan Qureshi, Blue Water’s managing partner. “This allows us to integrate best-in-class data, analytics and market intelligence that will enhance our ability to deliver transparency and efficiency to our clients.”
RPC Ventures Fund I LP, Blue Water’s largest equity holder, led the negotiations on behalf of the Blue Water equity holders. RPC is managed by Rice Park Capital Management LP.
“Blue Water has achieved significant market adoption by creating a suite of transparent and efficient digitally enabled services for buyers and sellers of MSR and loans,” comments Nicholas Smith, Rice Park’s CEO. “The acquisition by Voxtur will expand Blue Water’s market access and provide additional value-added products and services that can be distributed through the combined platform. We are thrilled to become a shareholder of Voxtur and to explore ways for Rice Park to provide strategic value to Voxtur and Blue Water.”
Alan Qureshi will lead the newly created Voxtur Capital Markets business unit following the closing of the acquisition.
Smith Hulsey & Busey LLP and Fasken Martineau DuMoulin LLP acted as legal counsel to Voxtur on the transaction. Sidley Austin LLP acted as legal counsel to Blue Water on the transaction.