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Solidifi acquires Southwest Financial Services

Solidifi, a provider of residential real estate appraisals, has acquired Southwest Financial Services, a national, independent provider of outsourced services to home equity lenders.

The acquisition extends and strengthens Solidifi's solutions for the home equity market.

“The combination of Solidifi's strength in purchase and refinance appraisals provided by our network of more than 25,000 appraisers and Southwest Financial Services innovative home equity product offerings creates a robust experience for lenders, who have access to a more complete suite of solutions,” says Solidifi's CEO, Jason Smith. “It’s a win-win. And it's happening at the right time, as consumer confidence returns and the home equity market is growing at a rate of 30% year over year.”

“The synergies between Solidifi and Southwest Financial Services are undeniable,” says Greg Schroeder, President of Southwest Financial Services “Both companies are dedicated to serving our customers at the highest level possible. We are equally dedicated to our people, who are the foundation for our success. They are dynamic and caring and always willing to go above and beyond for our customers. Our cultures are extremely compatible and I am confident that our respective teams will flourish under this new structure. The acquisition paves the way for a powerful partnership going forward.” Schroeder will remain an advisor to the company.

The acquisition was made with the company's existing cash resources. Concurrent with the acquisition, Solidifi's parent, Real Matters, raised USD60 Million in financing to strengthen the company's balance sheet and to pursue further strategic opportunities. The company has invested more than USD30 Million to date in its industry-leading technology platform that will further enhance appraisal and title transaction performance for Solidifi and Southwest Financial Services customers.

Berkery Noyes advised on the transaction.

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