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Virginia-based ""Homeland Security Capital Corporation"":http://www.hscapcorp.com/ has added a second acquisition as part of its entry into the mortgage and settlement services business by completing the purchase of all of the stock of Timios, Inc.
[IMAGE]Homeland Security Capital is an international provider of technology-based radiological, nuclear, environmental, disaster relief, and electronic security solutions to government and commercial customers. Timios is a paperless provider of title insurance and escrow services.
Homeland Security Capital says its acquisition of Timios adds additional core services to Fiducia Real Estate Solutions, Inc., a recently formed subsidiary.
Timios is a licensed title insurance and escrow agent operating in approximately 40 states, offering title and escrow services for mortgage origination refinance, reverse mortgage, REO, and deed-in-lieu transactions.
[COLUMN_BREAK]Timios is headquartered in Westlake Village, California, and has offices in Plano, Texas, as well as satellite offices in four other states.
According to Homeland Security Capital, it has agreed to an initial purchase price of $1,150,000, which is subject to working capital adjustments, plus contingency payments of up to $1,350,000 payable over the next 12 months.
In July, Homeland Security Capital announced that it was adding a new line of business to its portfolio with the purchase of ""substantially all of the assets"" of Default Servicing, LLC, a provider of national REO liquidation services.
Default Servicing USA, Inc. was formed as a new subsidiary of Fiducia to take on the newly acquired assets, which included a contract to provide liquidation services for over 1,400 properties for a major U.S. bank.
Homeland Security Capital paid $480,700 for Default Servicing LLC's assets, with contingent payments of up to approximately $2,900,000 from the closing through 2014.
C. Thomas McMillen, Homeland Security Capital's chairman and CEO, says the two deals ""represent ""a big step forward in immediately expanding our presence nationwide in this new line of business.""
McMillen added, ""The extensive experience of both management teams increases our ability to reach new customers and provide current customers with enhanced default and title products and services.""
