San Diego, Calif.-based real estate information company DataQuick has signed a purchase agreement to acquire title and settlement services firm ATI Title Companies, which does business as Rels Title, and operates 40 offices in 34 states and Washington, D.C.
Rels Title is a subsidiary of Rels Title Services LLC and has about 300 employees. The Rels Title name will continue to be used for an unspecified period of time after the acquisition, according to an announcement. The deal is expected to close within 30 days. Financial terms were not disclosed.
Rels Title offers nationwide escrow, title examinations, commitment and closing services, and document preparation and recording, among other services.
Among its services, DataQuick offers property research, data and analytics, property valuations, marketing and customer management products to title companies. DataQuick is also a licensed title agent in more than 30 states, and offers title and settlement services, including title insurance policies, according to John Walsh, president of DataQuick.
"DataQuick has a long and outstanding history of delivering centralized title services to the lending community," Walsh said in a statement.
"Combining our expertise with Rels Title’s exceptional service capabilities, local presence and relationships, operational expertise and industry knowledge will allow us to provide a wider range of title and settlement services to the marketplace."
Walsh told Inman News acquiring Rels Title is an important step for DataQuick’s continued growth and expansion.
"DataQuick maintains a title production capability, including agency licenses and relationships with title underwriters," Walsh said. "Until this acquisition, our focus had been on delivering these products to our customers through a centralized processing model. The addition of Rels Title branches significantly expands our ability to deliver local service and to grow our overall business of delivering advanced information solutions to lenders and servicers."
Rels Title’s management team, including President Leslie Foster, will continue to lead the company’s operations, which will remain based in Minnetonka, Minn., DataQuick said.
"DataQuick delivers a wide range of real estate information solutions to their customers," Foster said in a statement. "We are confident that our customers will not only continue to receive the same great service they have become accustomed to, but they will also benefit tremendously from the breadth of complementary solutions available from DataQuick. In addition, we look forward to offering title and closing services to lenders that are currently customers of DataQuick."
DataQuick is part of Decision Insight Information Group, a TPG Capital portfolio company formed through the purchase of the property information business of British Columbia-based MacDonald Dettwiler & Associates Ltd. (MDA), including DataQuick, for nearly $850 million in January 2011.