Mercury Network has announced it has entered into a definitive agreement to acquire Platinum Data, a provider of valuation data and analytics solutions headquartered in Aliso Viejo, Calif.
“Appraisal quality is an increasingly important compliance requirement and the addition of Platinum Data’s technology will expand the suite of services available to both companies’ customers,” said Will Clemens, CEO of Mercury Network. “Platinum pioneered automated appraisal underwriting and quality control, and expanding these tools in Mercury Network will help the industry enhance appraisal quality and gain efficiency.”
“Mercury Network and Platinum Data customers will have even more options," said Jennifer Miller, president of Mercury Network. “Both companies already have integrations with other quality control solutions and appraisal management systems, and those relationships will continue. Our goal is to make it as easy as possible for lenders, AMCs, credit unions, servicers, investors and their vendors to choose the best suite of services for their business.”
“This is one of those ideal situations where one plus one equals three,” said Phil Huff, president and CEO of Platinum Data Solutions. “We can do more together than we could individually. It’s an exciting time for both companies. Everyone—customers, partners and employees of both Platinum and Mercury—will benefit from the innovation and growth this venture will bring going forward.”
Lance Fenton, Partner at Mercury’s primary investor, Serent Capital, noted, “Mercury’s growth over the past year has exceeded all our expectations, and this acquisition positions the company to rapidly expand their transaction footprint in the mortgage cycle. We look forward to working with the entire team to help deliver unmatched value to all customers.”
