Accurate Group Receives $55 Million Investment
December 18, 2012
Accurate Group Holdings, Inc., a provider of technology and data-enabled services to mortgage lenders, including title and closing products, received a $55 million equity investment led by ABS Capital Partners.
Accurate Group will use the funds to fuel continued growth. As a result of the financing, ABS Capital Managing General Partner Phil Clough and General Partner Cal Wheaton will join Accurate’s Board of Directors.
“Accurate’s business model is based on a proprietary technology platform that facilitates high-volume transaction processing and tailored technology integrations for each of our institutional clients,” said Paul Doman, president and chief executive officer of Accurate Group. “We have developed strong, collaborative relationships with an outstanding group of clients along with a diverse suite of more than 100 products that provide value-added solutions to these clients. We are excited about how this investment will help us enhance our existing client relationships and further accelerate our growth. ”
According to a release, Accurate has enjoyed rapid growth despite a weak housing market as lenders have increasingly outsourced lending and loan servicing components, particularly to domestic service providers, in response to heightened regulatory and compliance pressures.
“Accurate has built an impressive roster of blue-chip lending clients and has demonstrated a perfect record of client retention over the past three years,” said Phil Clough of ABS Capital. “The company immediately stood out to us as a market leader given that they have solutions to address all of their clients’ needs across the lending and loan servicing spectrum, and we are looking forward to being a part of the Accurate’s next phase of growth.”
Accurate Group was just recognized in the inaugural edition of Inc. Magazine’s “Hire Power Awards” for being among the top companies generating the most jobs over the past three years.