Solidifi secures funding from Altus

Source: Solidifi

Solidifi Inc., a leading provider of collateral valuation and risk management services, has announced that it has completed an additional round of financing, including a new growth equity investment from Altus Group Income Fund. ("Altus").

The funds will be utilized to accelerate the company's expansion into the U.S. mortgage market and grow in Canada. Details of the investment were not released, but Altus will emerge as a minority stakeholder in Solidifi.

Solidifi provides mortgage professionals with risk management and data analytic solutions that assist them in making smart decisions about collateral valuations while significantly reducing the time and cost involved in processing mortgage loans. Solidifi offers an established suite of products including Solidifi Values and Solidifi Insight providing solutions for obtaining high quality real estate valuations, automated appraisal reviews and collateral risk assessments. In October, Solidifi will roll out this suite of products to U.S. mortgage lenders at America's largest mortgage banking conference, the Mortgage Bankers Association Annual Conference and Expo in San Francisco.

"I am very proud to welcome Altus into our group and I look forward to working with their experienced team of leaders to help us expand the solutions we offer our respective customers," said Jason Smith, President and CEO of Solidifi. "This is a great fit for both firms. Altus understands the many benefits inherent in our business model and appreciates the unique position we are in to help U.S. firms deal with the current mortgage crisis and its lingering impacts."

Smith added that the new partnership would provide excellent opportunities for growth in both firms. While Solidifi has many years of proven expertise in technology development for the residential side of the real estate financing business, Altus is the leader in independent professional consulting to the commercial real estate industry with a solid base of knowledge and established presence in a growing number of countries.

"With this move, Altus is establishing the foundation for an ongoing relationship that will allow us to leverage our combined experience and expertise," said Terry McLean, Executive Vice President, Western Canada, Research, Valuation and Advisory, Altus Group. "With the current global market unease, Altus continues to target opportunities that meet the demand of our increasingly international client base, for more informed decision making and wider breadth of expertise, while adhering to a strict set of acquisition criteria that signify our continued commitment to disciplined, long-term growth."

Altus' addition to the Solidifi investor group makes it part of a prestigious set of investors that truly understand how to leverage strategic investments in innovative companies. Other members of this group include Whitecastle Investments and Quadrexx Asset Management.

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