Veros Acquires Home Appraisal Provider Valligent
Veros Software, the parent company of Veros Real Estate Solutions, a provider of enterprise risk management and collateral valuation services, has acquired Valligent, an appraisal management company.
Led by Jeremy McCarty and Jeff Wickham, Valligent offers traditional, alternative and appraisal underwriting services. Valligent has developed new cutting-edge products, including the virtual appraisal, a compliant appraisal that meets the demands of the digital mortgage. By combining forces with Veros Real Estate Solutions, a full spectrum of automated and analyst-driven collateral valuation products is now available to meet the needs of the entire housing finance industry.
“Veros acquired Valligent to further revolutionize and drive the property valuation industry beyond where it is today. Together, we represent a powerful collateral valuation innovator in the market, providing a full spectrum of appraisal, valuation data and analytics and related collateral risk management solutions,” said Darius Bozorgi, President & CEO of Veros Software and Veros Real Estate Solutions. “We are in a very exciting phase in the rapid expansion of the collateral valuation spectrum of products and services. Combining Veros’ data and analytic capabilities with Valligent’s appraisal and broker capabilities will result in a powerful and value-added combination greater than its parts.”
Members of the Valligent leadership team also share their perspectives on their company being acquired.
“To meet the ever-growing needs of our customers and their borrowers, Valligent needs to offer a wider array of technology-driven property valuation products leveraging superior data and analytics, without sacrificing speed or quality,” said Jeff Wickham, Valligent’s Founder and President. “The combined attributes of Veros and Valligent creates a complete collateral valuation solution for originating lenders for investing in their own portfolios or selling to the GSEs, private-label securities market and the home-equity-line-of-credit market.”
Jeremy McCarty, Valligent’s Founder and CEO added, “Throughout our history, Valligent has been a leader in innovative property valuation solutions and technology. Combined with Veros’ analytics, risk tools and market position, we are together positioned to transform the approach to residential property collateral risk with an entirely new perspective.”
Current mortgage market conditions require the lending community to seek analytically based and supported valuation offerings, which can either be a viable alternative to or complement existing product offerings. The combination of Veros Real Estate Solutions and Valligent allows each company to more effectively compete in today’s environment and positions themselves to adapt and innovate in the fast-evolving collateral valuation space.
Houlihan Lokey acted as exclusive corporate finance advisor to Veros Software on its acquisition of Valligent. The terms of the deal were not disclosed.
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