Business
Altisource Announces Creation of Pointillist, Inc. to Position it for Accelerated Growth and Outside Investment
LUXEMBOURG, Sept. 25, 2019 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS), a leading provider and
About this update from Altisource Portfolio Solutions S.a.
[{"type":"text","content":"LUXEMBOURG, Sept. 25, 2019 (GLOBE NEWSWIRE) -- Altisource Portfolio Solutions S.A. (“Altisource” or the “Company”) (NASDAQ: ASPS), a leading provider and marketplace for the real estate and mortgage industries, today announced that it created Pointillist, Inc. and contributed the Pointillist® customer journey analytics business and $8.5 million to it. Pointillist, Inc. is owned by Altisource and management of Pointillist, Inc. The Company believes that establishing Pointillist as its own legal entity positions it to raise equity capital from other investors. At this time, Altisource expects that it will continue to consolidate Pointillist, Inc. for financial reporting purposes. The Company has an option, but no ongoing obligation, to participate in future funding rounds.\n “I am pleased to have completed this important milestone with our Pointillist investment and believe this structure strongly aligns Pointillist’s management team with Altisource to create shareholder value,” said Altisource's Chairman and Chief Executive Officer William B. Shepro. Shepro further commented, “Establishing Pointillist as a legal entity brings clarity to our future financial investment in Pointillist and enables Altisource to benefit from anticipated growth in the value of Pointillist.” “Pointillist is making great progress attracting new customers to its customer journey analytics platform and growing its bookings and revenue, with annually recurring revenue growing by a factor of six from the second quarter of 2018 to the second quarter of 2019,” said Pointillist's Chief Executive Officer Ronald J. Rubbico. About Altisource Altisource Portfolio Solutions S.A. is an integrated service provider and marketplace for the real estate and mortgage industries. Combining operational excellence with a suite of innovative services and technologies, Altisource helps solve the demands of the ever-changing markets we serve. Additional information is available at www.Altisource.com. About Pointillist The Pointillist customer journey analytics platform enables rapid discovery of customer insights, to help companies dramatically improve customer experience and marketing results. The platform reveals the actual paths customers take, as they engage with a company across touchpoints over time. In minutes, users of the platform can connect the dots between customer ...