Real Estate Digital forms in spinoff from LPS Real Estate Group 
Management buyout creates new entity focused on agents, brokers, MLSs and associations
By Glenn Roberts Jr., Wednesday, September 14, 2011.
Flickr/stevendepolo.A management team from Lender Processing Services Inc.'s Real Estate Group has completed a buyout of most of that division's business lines, members of the buyout team announced today, forming a new entity called Real Estate Digital.
The split with LPS is "really along the lines of product lines," said Jay Gaskill, CEO for the newly formed company who has served as president of LPS Real Estate Group for the past five years.
LPS Real Estate Group managers Prem Luthra, Mike Kovar and John Hensley also participated in the buyout and will continue in their roles at Real Estate Digital. Rich Lull, senior vice president of Multiple Listing Service Systems for LPS Real Estate Group, remains with LPS, as do the Paragon and reInsight product lines for MLSs.
The new entity, though separate from LPS, will still have business ties with LPS, Gaskill explained. "(LPS is) going to be a customer of ours in some respect, (and) we're going to be a customer of theirs," he said.
In a statement, LPS Inc. officials said, "LPS is a leading provider of technology and services across the mortgage and real estate industries, and the LPS Real Estate Group represents a very small part of the overall assets of the company.
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