Acquisition will enhance real estate data and analytics offerings at front-end of the transaction lifecycle
Stewart Information Services Corporation announced its entry into an agreement to acquire PropStream, a leader in residential real estate data and analytics for investors, realtors, real estate agents, brokers and lenders. Since its founding more than fifteen years ago, PropStream has been an innovator in aggregating and standardizing property data and delivering value-added solutions to its customers through a single digital point of access.
“Our combination with the Stewart family will only serve to enhance our ability to stay at the forefront of providing data and analytics solutions”
“Through our agreement to acquire PropStream, we continue to demonstrate our commitment to creating a robust suite of digital, data and analytics products and services to better serve our customers,” said Fred Eppinger, Stewart Chief Executive Officer. “PropStream offers an impressive residential real estate property data platform that gives customers the ability to generate insights and better target selling, investing and other business opportunities. PropStream’s analytical tools allow its customers to stay ahead of the market and are a great compliment to our capabilities, providing ease of use and digitization to the real estate transaction.”
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“Our combination with the Stewart family will only serve to enhance our ability to stay at the forefront of providing data and analytics solutions,” said Rob Zahr, PropStream Chief Executive Officer. “Stewart’s continued investment in new capabilities is one of the reasons why we feel Stewart is the right fit for PropStream and will enable us to continue to grow, while further strengthening core competencies, such as our social media interaction model. Through PropStream’s proprietary technology, we’re able to provide market leading tools to our customers and we’re excited about the future of our ability to do so as part of the Stewart family.”
The purchase price is $175 million and will be funded with available company resources. The company expects to close the transaction on Monday, November 15. The transaction is immediately accretive. PropStream will continue operating as a standalone company. Locke Lord LLP served as outside counsel to Stewart. Houlihan Lokey served as exclusive strategic and financial advisor to PropStream and Jeffer, Mangels, Butler & Mitchell, LLP as its legal advisor.
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