Altisource Portfolio Solutions To Buy Equator - Quick Facts

(RTTNews) - Altisource Portfolio Solutions S.A.'s (ASPS) unit would acquire Equator, LLC, a national leader in mortgage and real estate related SaaS solutions. The acquisition would strengthen Altisource's position as a market leader for real estate lifecycle management technologies and marketplace services and would diversify its customer base by providing software solutions to the largest mortgage servicers and government sponsored enterprise in the U.S. The deal is valued at a base price of $70 million on closing with contingent earn out consideration of up to an additional $80 million over three years, subject to Equator achieving annual performance targets.

Altisource added that four of the top six U.S. mortgage servicers and government sponsored enterprises, more than 460,000 real estate agents and 20,000 service providers rely on Equator's marketplace platform to coordinate activities associated with the management of mortgages and the purchase, management and sale of real estate.

Altisource's Chief Executive noted, "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. Together, we will continue to develop innovative process management and vendor solutions across the real estate and mortgage marketplaces."

The acquisition may close within 30 days and is subject to customary closing conditions.