North American technology company Voxtur Analytics announced that its wholly owned U.S. subsidiary has executed a purchase agreement for Blue Water Financial Technologies Holding Co., a SaaS-based solutions provider for investors trading mortgage servicing rights and whole loans to improve profitability, reduce risk and increase liquidity of mortgage asset portfolios. This acquisition will bring Voxtur’s technology suite to the secondary market, according to a release.
Combining Blue Water’s digital asset capabilities with Voxtur’s proprietary data stores will allow seamless integration and delivery of Voxtur’s core solutions with Blue Water’s advanced due diligence and data analytics, the companies said.
The acquisition is expected to be immediately accretive to Voxtur’s adjusted earnings and cash flow, expand Voxtur’s influence in the U.S. secondary market, and accelerate Voxtur’s transition to a pure-play technology provider in the North American mortgage market.
Voxtur will integrate Blue Water with its existing technology to expand the company’s capabilities within each core business unit. The company’s business model focuses on dynamic data analytics and strategic data investments to drive growth and meet client needs in a changing market.
“The integration of Blue Water into the Voxtur product suite strengthens our technology foothold and places us squarely in the capital markets arena,” Voxtur CEO Jim Albertelli said in the release. “The collective expertise of the Blue Water technologists, data scientists and asset managers who seamlessly integrate technology and trading expertise creates a unique opportunity for Voxtur in the secondary mortgage market. This acquisition will accelerate the evolution of Voxtur’s investments in technology and proprietary industry data into a resilient and dynamic growth platform.”
“We are thrilled to be combining the Blue Water and Voxtur brands to provide dynamic and agile data analytic solutions to the mortgage industry. Voxtur’s expansive client base provides enormous opportunities for us as well as our clients,” Blue Water Managing Partner Alan Qureshi said. “This allows us to integrate best-in-class data, analytics, and market intelligence that will enhance our ability to deliver transparency and efficiency to our clients.”
The total purchase price for the arms-length acquisition is approximately $101 million, subject to adjustment prior to closing, which will be satisfied by the following: $30 million cash to be paid at closing; issuance of approximately 101 million common shares of Voxtur, to be issued in equal installments each quarter for the 16 quarters following the closing; and issuance of approximately 69 million common shares, to be issued in three equal installments, the first within 30 days of the closing and the second and third on the first and second anniversaries of the closing, respectively, in satisfaction of certain obligations of Blue Water under long-term incentive plans adopted by Blue Water in 2019 and 2022.