The acquisition adds an innovative, flat-fee multiple listings service (MLS) to Altisource's offerings, enabling the company to serve the quickly growing community of limited service home sellers. Last year, the limited service and self-directed real estate category accounted for nearly 30 percent of all home sales.
One of the oldest and largest marketplaces for self-directed homebuyers and sellers, Owners.com joins real estate auction marketplace Hubzu.com as a platform for Altisource to continue to grow its online presence.
"Owners.com is one of the leading self-directed online real estate marketplaces, and this acquisition fits perfectly with the future of our company," Altisource CEO William Shepro said. "It allows us to combine the expertise we offer the online home auction industry through Hubzu with an innovative residential sales model to create a unique, best-in-class real estate e-commerce engine.
"As the real estate market continues to evolve, this acquisition puts us in a strong position to work with real estate agents, home buyers and home sellers to deliver value through the fast growing limited service home sales market."
According to the announcement, Altisource purchased the company for $20 million at closing, with up to an additional $7 million in potential consideration based on revenue earned in the next two years. As part of the acquisition, Owners.com's employees and management have joined Altisource, including CEO Steve Udelson.
"Altisource has brought incredible technology innovation to real estate. We are very excited to join such an exceptional organization with the same focus on creating efficiencies in real estate that benefits all parties involved, including agents and consumers," Udelson said. "The Owners.com team is committed to creating more market impact, and we are confident that being part of Altisource will amplify our ability to drive change and grow our business."