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Solutionstar Holdings LLC, an indirect wholly-owned subsidiary of Nationstar Mortgage Holdings Inc., has announced that it will acquire Experience 1 Inc., the holding company for Title365 and its technology subsidiaries X1 Labs and X1 Xpress.
In a press statement, the Lewisville, Texas-based Solutionstar said the transaction “is anticipated to close in January 2015 for $36 million in cash with additional consideration dependent on the ongoing involvement of certain key employees and achieving certain performance targets.” Title365 is headquartered in Newport Beach, Calif., and has over 400 employees.
“The acquisition of Title365 not only adds new technologies, products and third-party business to Solutionstar's portfolio, but its management team boasts a strong reputation as an industry innovator with decades of title industry experience, and we are proud to introduce Title365 to the rapidly growing Solutionstar family,” said Solutionstar CEO Kal Raman.
The Title365 acquisition is the latest major change at Solutionstar. In May, the company acquired Real Estate Digital (RED), a real estate data aggregation company that provides online marketing, data, transaction management and digital media solutions. Earlier this month, the company hired Raman, who previously held executive positions at consumer-focused technology and retail companies, including Groupon, eBay and Amazon.
“When I was hired to take the helm at Solutionstar, we promised to continue to make significant, sustained investments in innovation and expand our products and services to elevate the company as a national leader in real estate technology,” Raman said. “Acquiring RED was an important step in that evolution, and acquiring Title365 underscores Solutionstar's commitment to leverage our technological expertise to deliver comprehensive, end-to-end online services for homebuyers, home sellers and real estate professionals.”
According to Solutionstar, Title365’s clients include nationally recognized real estate brokerages, financial institutions and mortgage brokers; the company expects to generate approximately $63 million of revenue in 2014, of which approximately 57 percent is purchase money title business.