In May, we’ll go deep on money and finance for a special theme month, by talking to leaders about where the mortgage market is heading and how technology and business strategies are evolving to suit the needs of buyers now. A prestigious new set of awards, called Best of Finance, debuts this month too, celebrating the leaders in this space. And subscribe to Mortgage Brief for weekly updates all year long.
Title insurer Williston Financial Group (WFG) is expanding its presence in California after closing a deal to acquire 22 retail title locations and operations centers in California from struggling digital title and closing provider Doma.
Doma will receive up to $24.5 million for the sale of those assets in northern and central California, including $10.5 million WFG paid upfront when the deal closed on May 19. Doma stands to receive up to $14 million in additional earnouts next year, “based on the retention of specified employees” by WFG, according to the purchase agreement between the companies. Doma said it employed a total of 123 workers at the locations it sold who helped generate $37 million in revenue for the company last year.
Patrick Stone
“We are thrilled to extend our California market reach through this acquisition, as it will significantly enhance our ability to serve the needs of our customers in these key growth regions,” WFG founder and Chair Patrick Stone said, in a statement. “Since day one, our vision for WFG has been to eliminate friction, increase transparency and deliver a superior experience for our real estate, lender and title agent customers, as well as for the consumers we all serve. These new members of the WFG team share this vision, and we are extremely eager to join forces with them to enhance the customer experience in some of the nation’s strongest housing markets.”
Doma said it expects the sale will generate savings in corporate support, lease and administrative expenses related to its remaining 56 local retail…