TechDogs-"Doma Holdings, Inc. Sells Texas And Midwest Local Retail Title Operations"

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Doma Holdings, Inc. Sells Texas And Midwest Local Retail Title Operations

By Business Wire

Business Wire
Overall Rating

Transaction helps drive Doma's new singular strategy and refined focus on its core technology and underwriting business

SAN FRANCISCO--(BUSINESS WIRE)--Doma Holdings, Inc. (NYSE: DOMA) (“Doma”), a leading force for disruptive change in the real estate industry, has announced the sale of its Texas and Midwest Local Retail Title Operations to Capital Title of Texas, LLC (a member of the Shaddock Title Companies) and Near North Title Group, respectively. The completed sales include multiple retail title locations and operations centers in the Texas, Illinois, Indiana, Minnesota and Wisconsin regions.

“These strategic transactions are aligned with our mission-driven go-forward strategy and refined focus on our core underwriting and technology business," said Max Simkoff, Founder and CEO of Doma. "Our Texas and Midwest operations have a track record of providing excellent customer service. We believe we have found optimal homes for our Local team members in the branches we have sold. I want to thank these teams for their hard work and dedication to Doma and our vision over the years.”

This transaction follows Doma's announcement on its first quarter 2023 earnings call that it had been conducting a comprehensive review of the business over the last several months to evaluate the optimal organization structure to successfully deliver on its mission to make homebuying more affordable and to maximize shareholder value. Doma's go-forward strategy is centered around harnessing the power and benefits of its instant underwriting technology via the efficient and profitable distribution of its core technology by external partners with the end goal of bringing down refinance specific costs for homeowners. In connection with the transactions, Houlihan Lokey is acting as a financial advisor to Doma and Mayer Brown LLP is acting as legal counsel to Doma.

About Doma Holdings, Inc.

Doma is a real estate technology company that is disrupting a century-old industry by building an instant and frictionless home closing experience for buyers and sellers. Doma uses proprietary machine intelligence technology and deep human expertise to create a vastly more simple and affordable experience for everyone involved in a residential real estate transaction, including current and prospective homeowners, mortgage lenders, title agents, and real estate professionals. With Doma, what used to take days can now be done in minutes, replacing an arcane and cumbersome process with a digital experience designed for today’s world. To learn more visit doma.com.

About The Shaddock Title Companies:

The Shaddock Title Companies are a leading national provider of title, escrow and title insurance services. With a commitment to excellence, innovation, and customer satisfaction, The Shaddock Title Companies have built a strong reputation in the industry. Members of The Shaddock Title Companies include Capital Title of Texas, First National Title Insurance Company, Landmark Title - Arizona, Landmark Title - Nevada, US Title - Utah, Southwest Title – Arkansas, Homestead Title – Colorado, Santa Fe Title – New Mexico and Continental Title - Missouri and Kansas.

About Near North Title Group

Near North Title Group is a fully integrated title, escrow, construction escrow and 1031 exchange company that for over 30 years has provided clients with a comprehensive portfolio of commercial and residential services nationwide. Near North’s national commercial operations and residential Midwest and Florida offices facilitate over $10 billion in yearly transaction volume throughout nearly 60 locations, making it one of the strongest commercial title agents in the country and one of the largest residential agents in the Midwest. Near North is continuously expanding its market presence through acquisitions and organic growth as it provides customized solutions to its clientele, leveraging years of industry expertise and underwriter relationships that allow for maximum flexibility in facilitating even the most complex real estate transactions.

Forward-Looking Statements Legend

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The absence of these words does not mean that a statement is not forward-looking. Such statements are based on the beliefs of, as well as assumptions made by information currently available to Doma management. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, such as statements relating to Doma’s ability to achieve Adjusted EBITDA profitability by the end of 2023, statements regarding management plans, such as statements relating to Doma’s go-forward strategy and ability to finalize and enter into partnerships with certain participants in the national mortgage origination market. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectation of Doma’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict, will differ from assumptions and are beyond the control of Doma.

These forward-looking statements are subject to a number of risks and uncertainties, including changes in business, market, financial, political and legal conditions; risks relating to the uncertainty of the projected financial information with respect to Doma; future global, regional or local economic, political, market and social conditions, including due to the COVID-19 pandemic; the development, effects and enforcement of laws and regulations, including with respect to the title insurance industry; Doma’s ability to manage its future growth or to develop, acquire enhancements to its platform or execute its go-forward strategy discussed in this press release; the effects of competition on Doma’s future business; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those other factors described in Part I, Item 1A - “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2022 and any subsequent reports filed by Doma from time to time with the U.S. Securities and Exchange Commission (the “SEC”).

If any of these risks materialize or Doma’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Doma does not presently know or that Doma currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Doma’s expectations, plans or forecasts of future events and views as of the date of this press release. Doma anticipates that subsequent events and developments will cause Doma’s assessments to change. However, while Doma may elect to update these forward-looking statements at some point in the future, Doma specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Doma’s assessment as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.


Contacts

Investor Contact: Carlee Herzog, Investor Relations for Doma | ir@doma.com

First published on Thu, Jul 20, 2023

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