""Altisource Portfolio Solutions"":http://www.altisource.com/, a global provider of services for the real estate, mortgage, and consumer debt industries, announced plans to acquire ""Equator"":https://www.equator.com/index.cfm?event=global.home, a solutions provider for the mortgage and real estate industries.[IMAGE]
The deal is valued at $70 million on closing and includes contingent earn out consideration of up to $80 million over three years, according to the announcement.
Equator will still retain its name, offices, and management team after the acquisition, which is expected to close within 30 days.[COLUMN_BREAK]
According to the announcement, customers who rely on Equator's marketplace platform include the GSEs, over 460,000 real estate agents, 20,000 service providers, as well as four of the top six mortgage servicers in the country.
""Equator and Altisource have a shared vision for enabling the real estate marketplace of the future with a common, modern technology platform that reduces friction, enhances compliance and creates transparency for all participants. Our combined technical and financial strength means that our customers can look forward to more rapid product innovation and responsiveness to industry changes on EQ platforms,"" said Christopher L. Saitta, CEO of Equator.
""The acquisition expands our marquee client list and provides our customers with one of the most comprehensive real estate lifecycle management platforms and services marketplaces available. The Equator brand and management team are an essential part of the acquisition. Equator will join the Altisource family of businesses and operate within our Technology Services segment,"" said William B. Shepro, CEO of Altisource.