Accurate Group, a provider of technology-driven real estate appraisal, title data, analytics, and eClosing solutions, has entered into a strategic partnership with Novacap, one of Canada’s leading private equity firms. The partnership aims to support Accurate Group with the capital and expertise to further grow the business, the company announced in a release.
Accurate Group has grown into a market leader in appraisal management technology, title information and eClosing solutions. The success and strength of the Accurate Group’s technology platform and its transformative approach to appraisal management, alternative valuation methods and eClosing technologies has attracted business from most top banks in the U.S., as well as credit unions, non-bank lenders and capital markets firms.
“We are thrilled about this new partnership and strongly believe that Paul Doman and his talented management team will continue to create significant value in an environment where digitization is a key driver of growth,’’ Novacap Senior Partner David Lewin said in the release. “Accurate Group has developed a strong and scalable technology platform within the industry, and we are committed to ensuring the company continues to strive towards its ambitious objectives.”
Novaacap Senior Partner Rajiv Bahl emphasized his company’s deep understanding of the financial services industry.
“We are well positioned to execute on a clear growth trajectory with Accurate Group in the coming years, both organically and through the execution of a curated M&A strategy,” Bahl said. “We look forward to providing our expertise and capital to support Accurate Group in its expansion across North America as a premium technology service provider.”
“We are extremely pleased to be partnering with Novacap to help us accelerate the next stage of our growth,” Accurate Group President/CEO Paul Doman said. “Accurate Group has demonstrated continuous growth even in times of market volatility, and we are extremely thankful to ABS Capital Partners, who will be exiting its equity ownership position in the business, and our Board of Directors for its support over the past eight years.
“This new influx of capital from Novacap will enable us to expand our AppraisalWorks platform and SaaS business, make transformative acquisitions, and further invest in technology innovation and client service initiatives to better serve banks, credit unions, non-bank lenders and capital markets firms,” Doman added.
KeyBanc Capital Markets served as the exclusive financial advisor to Accurate Group. Nelson, Mullins, Riley & Scarborough, LLP served as legal counsel to Accurate Group. Wells Fargo Securities, LLC served as the exclusive financial advisor to Novacap. Foley & Lardner LLP served as legal counsel to Novacap.