Mortgage services provider LenderLive announced Monday that it has acquired reQuire Holdings, a group of technology-enabled companies that provide compliance, quality assurance and valuation solutions for both the residential and commercial real estate markets.
LenderLive acquired reQuire from L2 Capital Partners, a Devon, PA-based private equity family office. The terms of the deal were not disclosed. reQuire Holdings’ companies include reQuire Real Estate Solutions, Service 1st, CRES and Covius.
“We are very excited to join the LenderLive family. This combination significantly enhances our scale and capabilities that will enable us to deliver even greater value to our clients and new opportunities for our employees”, said Al Will, CEO of reQuire.
reQuire, which is headquartered in Virginia Beach, Virginia, offers a range of services, including lien release tracking, title search and reporting services, title curative services, due diligence, quality assurance, asset valuation and business process management technology solutions. reQuire’s current products will complement LenderLive’s offerings in document and settlement services and enable both companies to provide additional market-leading compliant solutions to their clients, LenderLive explained in a press release.
“When John Surface and I joined LenderLive nine months ago, we said one of our priorities would be to use strategic acquisitions to build out the services side of our business and enhance the capabilities of the broader organization,” said Rob Clements, chairman and CEO of LenderLive. “We look forward to joining forces with Al Will and his team at reQuire as we execute on our long-term growth plans.”
Evercore acted as LenderLive’s financial advisor and Ballard Spahr acted as legal counsel to LenderLive in connection with the acquisition.
“The acquisition of reQuire strengthens our current franchise and solidifies LenderLive’s position as a leading provider of financial and compliance services,” added John Surface, president and chief operating officer of LenderLive. “The transaction deepens our management team and gives us a broad set of adjacent products that significantly expand our ability to serve our clients.”
