Real estate search firm Solutionstar announced today that it has acquired Title365 as a part of its continuing quest to compete with Zillow, Trulia and Realtor.com. The all-cash deal is worth $36 million, and is expected to close in January of next year.
Title365’s technology allows all of the parties in a home sale transaction to track the progress of a deal in real time. In addition, Title365 users can research properties, pull good-faith estimates of title and escrow fees, download recorded documents, and more. The company expects to generate $63 million in revenue this year.
Solutionstar, a wholly-owned subsidiary of mortgage giant Nationstar Mortgage Holdings, plans to use the acquisition to expand its business to new markets, including Title365’s home state of California. Title365 Chairman Eric Swenson will continue to lead the company, which is based in Newport Beach, California, following the acquisition.
“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,” Solutionstar CEO Kal Raman said in a press release.
The news comes two weeks after Raman, a tech industry veteran from the Seattle area, joined Solutionstar as its CEO. He’s currently in the process of opening up a Seattle office for Solutionstar, and making the company more competitive with larger players in the home search space.