Business
Fathom Holdings Enters Title Insurance Sector, Signs Definitive Agreement to Acquire Verus Title
Acquisition Expands Fathom's Offerings in Residential Real Estate Market with Innovative Technology-based Provider Addition of Title Insurance Services Gives
About this update from Fathom Holdings Inc.
[{"type":"text","content":"Acquisition Expands Fathom's Offerings in Residential Real Estate Market with Innovative Technology-based Provider\n Addition of Title Insurance Services Gives Fathom Agents Distinct Competitive Advantage\n\n\nCARY, N.C., Nov. 5, 2020 /PRNewswire/ -- Fathom Holdings Inc. (Nasdaq: FTHM), a holding company that primarily operates through its wholly owned subsidiary, Fathom Realty, LLC, a national, cloud-based, technology-driven, residential real estate brokerage, today announced it has signed a definitive agreement to acquire Verus Title Inc., expanding its residential real estate offerings to include title insurance services. \n\n \n \n \n \n \n \n\n \nFathom's acquisition of Verus Title, which is anticipated to be immediately accretive, is expected to be completed in the fourth quarter of 2020, after which time Verus Title will operate as a wholly owned subsidiary of Fathom Holdings under its present management team, led by its founder and CEO Paul Yurashevich, who will report directly to Fathom President Marco Fregenal.\nBased in North Carolina, Verus Title is a technology-based provider of title insurance services for the residential real estate market. The company currently operates in 19 states, utilizing a virtual model with minimal offices, with plans for a full U.S. rollout over the long-term. \nVerus Title works directly with licensed real estate agents, allowing them to better serve their customers by streamlining the home buying and selling process, providing the convenience of a secure online platform and a mobile app that enhances speed and service and reduces costs. The company has relationships with some of the nation's leading underwriters, including WFG, Fidelity, Stewart, and others.\n\"Adding Verus Title to Fathom Holdings should give our agents yet another competitive advantage that enables them serve consumers with additional, cost effective services, while increasing revenue per transaction,\" said Joshua Harley, Fathom's Chief Executive Officer. \"Verus will serve as our branded title and settlement solution, bringing greater value to all of our stakeholders. The transaction represents a perfect example of the kind of vertical integration that should allow us to continue our growth trajectory. As the founder of Verus Title, Paul built what we believe is a solid, high-growth, and profitable business. He is a...