Appraisal technology company Accurate Group announced this week that it has acquired Voxtur Appraisal Services, an appraisal management company (AMC).
Voxtur primarily serves real estate finance providers and specializes in broker-price opinions (BPOs), alternative valuation methods and traditional appraisals.
Voxtur US sold 100% of the outstanding membership interests in Voxtur Appraisal Services to Accurate Group for $30 million, with $26 million paid in cash on closing, according to a news release. An additional $4 million in earn-out consideration will be paid upon reaching certain financial targets in the acquisition agreement.
“As a result of the Transaction, the Company has divested of all its holdings in its appraisal management company (“AMC”) business to streamline its operations and narrow its valuation focus on its technology offerings for the real estate space,” Voxtur US said in the release.
The acquisition helps achieve Accurate Group’s larger desire to broaden its appraisal-based offerings across the mortgage lending, default and servicing sectors, the company said in a statement.
“We are excited to welcome Voxtur Appraisal Services’ seasoned team of professionals and Voxtur clients,” said Paul Doman, president and CEO of Accurate Group. “The acquisition of [Voxtur] will provide these appraisal management clients with a wide range of services that drive efficiency and innovation within both organizations and aligns seamlessly with our commitment to excellence.”
The timing of the acquisition will enable the combined businesses “to support default and servicing lenders during an expected period of growth,” Doman added.
Voxtur will operate as an independent brand within the Accurate Group corporate umbrella, retaining its existing team, including company president Al Broadway, who lauded the deal.
“Bringing together the resources of two leading appraisal management companies will provide immediate product and service benefits to both Accurate Group’s and Voxtur’s appraisal management clients,” Broadway said. “We expect a seamless transition and uninterrupted service for all clients, and I believe that the combination of our strengths will open up new opportunities and set new industry standards.”
This past March, Accurate Group was one of the vendors previously approved by Fannie Mae to handle the GSE’s new valuation initiative. It cuts traditional appraisers out of the process and potentially represents a large shift in the valuation industry.