Altisource Acquires Owners.com to Expand Online Residential Real Estate Business
Addition of One of the Largest Self-Directed Real Estate Marketplaces Substantially Expands Altisource's Residential Real Estate Capabilities
LUXEMBOURG--(BUSINESS WIRE)-- Altisource Portfolio Solutions S.A. ("Altisource") (Nasdaq:ASPS) today announced it has acquired the Owners.com® business to expand Altisource's growing position in the residential real estate industry. The acquisition adds an innovative, flat-fee MLS service to Altisource's offerings, enabling the company to serve the fast-growing category of limited service home sellers. Owners.com will operate alongside Altisource's online real estate auction marketplace, Hubzu.com.
Last year, the limited service and self-directed real estate category
accounted for 30 percent of all home sales, according to research from
Owners.com Chief Executive Officer Steve Udelson commented, "Altisource
has brought incredible technology innovation to real estate. We are very
excited to join such an exceptional organization with the same focus on
creating efficiencies in real estate that benefits all parties involved,
including agents and consumers. The Owners.com team is committed to
creating more market impact, and we are confident that being part of
This press release contains forward-looking statements that involve a number of risks and uncertainties. Those forward-looking statements include all statements that are not historical fact, including statements about management's beliefs and expectations. Forward-looking statements are based on management's beliefs as well as assumptions made by and information currently available to management. Because such statements are based on expectations as to future economic performance and are not statements of historical fact, actual results may differ materially from those projected. The Company undertakes no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to: Altisource's ability to retain existing customers and attract new customers; general economic and market conditions; governmental regulations, taxes and policies; availability of adequate and timely sources of liquidity; and other risks and uncertainties detailed in the "Forward-Looking Statements," "Risk Factors" and other sections of the Company's Form 10-K and other filings with the Securities and Exchange Commission.
Chief Financial Officer
Barbara L. Goose, 617-728-5501
Global Chief Marketing Officer
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