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National appraisal management company said the acquisition represents an opportunity to build additional scale.
Class Valuation, a national appraisal management company, recently acquired AppraisalTek (ATek), a nationwide appraisal management company with a large footprint in the Western region of the United States.
Financial terms of the transaction were not disclosed.
Class Valuation said the acquisition represents an opportunity to build additional scale with both new and existing clients around the country. Atek’s staff appraiser network and strong reputation for solid relationships, superior customer service, and robust performance will bring meaningful value to its customers, Class Valuation said.
“AppraisalTek’s leading Key Performance Indicators (KPIs) and deep product, regulation, and industry knowledge made it a great fit for us,” said John Fraas, Class Valuation CEO. “By combining AppraisalTek’s and Class Valuation’s core capabilities, scale, in-house appraiser network, and complementary areas of expertise, we will be able to deliver a best-in-class experience to our collective customers.”
ATek’s in-house staff appraiser program will be absorbed into Class Valuation’s growing organic network of staff appraisers and its staff appraiser teams, which were brought on through the acquisitions of MetroWest and Synergy, Class Valuation said. The expanding network will help Class Valuation increase its customer service metrics to improve the experience for clients of both AMCs, it said.
Additionally, ATek’s staff appraiser network and market coverage will enable greater scale with Property Fingerprint, Class Valuation’s digital appraisal platform, which the company said is revolutionizing the appraisal industry by streamlining the data collection process and significantly reducing turn times and revision rates.
Founded in 2003 by CEO Robert Oglesby and headquartered in Chandler, Ariz., ATek’s team consists of 75 full-time employees, which Class Valuation intends to bring on board. ATek operates in all 50 states and the District of Columbia, and has a significant staff appraiser impression in Arizona.
“AppraisalTek sought out to partner with an industry-leading organization and recognized Class Valuation as the best AMC to allow our clients access to a greater portfolio of valuation technologies,” Oglesby said. “AppraisalTek was built around the culture of C.A.R.E, which focused on exceptional customer service and an employee first environment. Class’s innovation, client-centric focus, and leadership made this a phenomenal win for both teams.”
Class Valuation is a nationwide appraisal management company. Founded in 2009, Class Valuation is headquartered in Troy, Mich.
