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Covius Holdings Inc., a Denver-based provider of technology-enabled solutions to the financial services industry, said today it has reached an agreement to acquire Palm Harbor, Fla.-based Nationwide Title Clearing Inc.
The transaction is expected to close early in the fourth quarter, subject to customary closing conditions. The terms of the agreement were not disclosed.
Founded in 1991, NTC is provides services for loan originators, servicers, and the capital-markets sector. Its primary products and services include:
- Lien release services and post-closing document production,
- Collateral research and property reports,
- Capital markets transaction and file services, and
- Default servicing and title curative solutions.
Once the acquisition closes, approximately 670 NTC employees, including the company's senior management, will join Covius.
Covius Chairman & CEO Rob Clements said NTC has been a trusted company for 30 years.
"This acquisition significantly expands Covius' post-closing capabilities, in the same way last year's Clayton (Services LLC) acquisition scaled our due diligence offerings,” he said. “Similarly, Covius' technology suite can be applied to NTC operations to further increase efficiency. We welcome our new associates from NTC and the experience and capabilities they will bring to our combined clients."
Covius President & COO John Surface agreed, adding that, "Over the past three years, Covius has continued to build out our platform of tech-enabled offerings through acquisitions and organic growth. … NTC's market-leading solutions strategically complement Covius' existing broad offerings."
John Hillman, NTC's CEO, said NTC is confident the deal provides benefits to his company’s clients and employees. "NTC strengthens Covius' offerings, while improving the experience of our current clients through technology enhancements and complementary solutions under a single agreement and broader resources. We are excited for this strategic opportunity and look forward to future growth."
Evercore acted as Covius' financial advisor, while Willkie Farr & Gallagher served as legal advisor for the transaction. Carr, Riggs & Ingram acted as advisor to NTC.