CoreLogic sells HomeVisit for stake in Urbanimmersive

CoreLogic sells HomeVisit for stake in Canadian buyer, Urbanimmersive

Quebec-based Urbanimmersive sees a possibility to double its income and cross-sell different CoreLogic merchandise because it continues to increase its presence within the U.S.

Be a part of industry visionaries Pete Flint, Spencer Rascoff, Ryan Serhant and extra at Inman Connect New York, Jan. 24-26. Punch your ticket to the future by becoming a member of the neatest folks in actual property at this must-attend occasion. Register here.

CoreLogic has offered actual property images and digital tour supplier HomeVisit to a Canadian firm, Urbanimmersive Inc., in change for a 19.9 p.c stake in its new strategic companion.

The deal to amass Chantilly, Virginia-based HomeVisit for $6.5 million ($9 million Canadian), “will likely be crucial acquisition made by Urbanimmersive since its inception in 2007,” the corporate announced Tuesday.

Primarily based in Saint-Hubert, Quebec, Urbanimmersive is a publicly traded firm that sees a possibility to double its income because it continues to increase its presence within the U.S. and cross-sell different CoreLogic merchandise.

Urbanimmersive had beforehand beefed up its U.S. presence in December, by buying IMOTO and RocketPhoto for $5 million Canadian ($3.62 million U.S. at present change charges).

Executives at Urbanimmersive see the HomeVisit acquisition as strategic, “as it can considerably increase the corporate’s presence in lots of areas within the U.S., brings new product choices and is setting the desk for important progress and cross-selling alternatives with CoreLogic Group.”

Urbanimmersive generated $4.07 million in income (Canadian) in all of 2021, however a string of current acquisitions helped enhance income for the quarter ending June 30 by 159 p.c to $2.85 million.

Ghislain Lemire

Buying HomeVisit, which posted $7.83 million in 2021 income, is predicted to double Urbanimmersive’s revenues, and “makes us a transparent chief as a tech-powered actual property images service enterprise in North America,” CEO Ghislain Lemire stated, in a press release.

Lemire stated the phrases of the take care of CoreLogic “allow us to not use our working capital in brief and mid-term, giving us the required leeway to construct worth for our traders. We’re additionally blissful and really feel privileged to welcome CoreLogic as a strategic companion and shareholder of Urbanimmersive.”

As has been the case with earlier acquisitions, Urbanimmersive says it gained’t dispose of the HomeVisit model. However day-to-day operations of HomeVisit will likely be built-in into the corporate’s enterprise utility, permitting prospects to make use of Urbanimmersive’s on-line ordering system.

CoreLogic announced it would buy HomeVisit in 2018 as a part of an acquisition spree overseen by former CEO Frank Martell that additionally included a la mode applied sciences, ClosingCorp and NextGear Options. Martell stepped down as CEO in January, six months after CoreLogic was acquired for $5.9 billion by Stone Level Capital and Perception Companions.

On its web site, HomeVisit says its expertise has been used for greater than 20 years to assist market upwards of 360,000 listings, 20 p.c of which have been valued at greater than $1 million. HomeVisit says it’s served up greater than 90 million digital tour views over time. Along with images, video and 3D modeling, HomeVisit supplies property web sites and print and unsolicited mail advertising companies.

Integrations with CoreLogic’s itemizing administration platform Matrix and property insights platform Realist present a possibility for HomeVisit to proceed cross-marketing these and different merchandise.

Devi Mateti

“I’m very happy, together with our HomeVisit and CoreLogic groups, to companion with Urbanimmersive Group,” stated CoreLogic Managing Director Devi Mateti in a press release. “For us, Urbanimmersive has clearly demonstrated to have strong enterprise options to efficiently combine HomeVisit, add worth to our mutual prospects shopping for expertise whereas bringing state-of-the-art 3D and flooring plan options. We couldn’t have discovered higher fingers to care for HomeVisits’ prospects.”

Get Inman’s Extra Credit Newsletter delivered proper to your inbox. A weekly roundup of all the most important information on this planet of mortgages and closings delivered each Wednesday. Click here to subscribe.

Email Matt Carter


About the Author

You may also like these