Editor’s note: This story has been updated to clarify that Solidifi has acquired Kirchmeyer & Associates.
Solidifi Inc. says it’s now the third-largest independent real estate appraisal management company in the U.S., having acquired competitor Kirchmeyer & Associates Inc.
Both companies are based in Buffalo, N.Y., and will consolidate their offices and operate under the Solidifi name, the companies said. Terms of the deal, characterized by Solidifi’s parent company as an acquisition, were not disclosed.
"Solidifi is in growth mode and Kirchmeyer is an important part of our overall growth strategy. It is the ideal fit for Solidifi," said Jason Smith, Solidifi’s president and CEO, in a statement.
Solidifi is a U.S.-based subsidiary of Markham, Ontario-based property information and technology company Real Matters. Last year, Real Matters announced new investors had provided the company with $22 million in growth capital financing.
With more than half of the nation’s top 50 mortgage lenders as clients, Solidifi says it’s invested more than $25 million in its cloud-based technology and analytics platform.
The "flexible and scalable" platform identifies the right appraiser for each assignment and features high standards for data security and reliability, including redundant servers in Dallas and Washington, D.C., the company said.
By using technology to build efficiency throughout the appraisal process, Solidifi claims it’s increasing quality, driving costs out and improving the client experience, identifying the right appraiser for each assignment to deliver high-quality, comprehensive appraisals to lenders.
"Solidifi’s technology and broad appraiser network will complement our own network, and I and my team are excited to continue to service our current and future customers with these extended capabilities," said James Kirchmeyer, CEO of Kirchmeyer & Associates, in a statement.