Industry NewsTechnology

Most Home bets on mobile MLS service

Netupdate Inc. sold to Mortgagebot LLC
Published on Mar 9, 2009

Most Home Corp. has reached an agreement to sell the loan origination software platform and client base of its subsidiary, Netupdate Inc., to Mortgagebot LLC as part of a plan to raise money and grow its mobile listings service, Kurio. Mequon, Wis.-based Mortgagebot will pay $600,000, and allow Most Home to keep $107,000 in Netupdate receivables it has billed or collected before closing, the companies said in a press release. Mortgagebot, which provides point-of-sale solutions for taking mortgage applications through channels including the Internet, said the acquisition of Netupdate strengthens its client base of banks, thrifts and credit unions to more than 900 organizations nationwide. Vancouver, B.C-based Most Home acquired Netupdate on Feb. 1, 2008, for $700,000 in stock plus up to $2 million in earn-outs based on the Netupdate's future revenue, the company said in a regulatory filing. Most Home, which hasn't filed a quarterly report to investors since disclosing mou...

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