Title tech provider boosts revenue by 18%, halves EBITDA loss to $3M as $85M merger with Dallas, Texas-based title insurance underwriter Title Resources Group to close later this year
San Francisco-based title tech provider, set to be acquired by Title Resources Group, posted a $20.6M Q1 2024 net loss Tuesday, down 46% from a year ago but little improved from Q4 2023
If approved by shareholders and regulators, the proposed merger would result in an all-cash $85M transaction, with TRG acquiring Doma's outstanding shares at 38% premium of $6.29 per share
Layoffs of 561 workers will generate $70M in annual costs savings, buying time for title insurer to adapt its 'instant underwriting' technology for purchase loans