Altisource Buys Owners.com Business - Quick Facts

(RTTNews) - Altisource Portfolio Solutions S.A. (ASPS) Monday announced that it has acquired Owners.com business to expand Altisource's growing position in the residential real estate industry.

Altisource purchased the company for $20 million at closing and up to an additional $7 million in potential consideration based on revenue earned in the two consecutive 12-month periods following closing.

The company said the acquisition adds an innovative, flat-fee MLS service to Altisource's offerings, enabling it to serve the fast-growing category of limited service home sellers.

Owners.com will operate alongside Altisource's online real estate auction marketplace, Hubzu.com.

Altisource Chief Executive Officer William Shepro said, "Owners.com is one of the leading self-directed online real estate marketplaces, and this acquisition fits perfectly with the future of our company."

Owners.com's management and employees have joined Altisource.