DJSP Enterprises has signed an agreement to acquire Timios, a national title insurance and settlement services company. Headquartered in Westlake Village, California, Timios is a licensed title insurance and escrow agent operating in 38 States.
Under the agreement, Timios will provide DJSP Enterprises with a capability to provide its customers a balanced portfolio of services including new loan origination, refinance and national REO closing and title. Timios also handles national loss mitigation services and pre-foreclosure title products from its multiple locations placed for time-zone sensitive fulfillment.
According to DJSP, Timios will aid the company to provide its customers with an enhanced customer service in all lines of its business as it expands nationally. It will maintain Timios’ three offices while consolidating operations and back-office functions to streamline and reduce expenses.
In addition, the company will acquire Timios for $1.5m in cash, 200,000 ordinary shares and up to 100,000 ordinary shares of it to be earned upon achievement of defined performance metrics.
David Stern, chairman and CEO of DJSP Enterprises, said: “This acquisition significantly expands our capacity to effectively handle national services for our current client base. In addition it will support our cyclical expansion into other lines of the mortgage services business.”
Trevor Stoffer, president and CEO of Timios, said: “DJSP Enterprises’ growth in the foreclosure space and our best in class technology and servicing of originations will create a very balanced portfolio. In addition, the financial support from DJSP Enterprises will allow Timios to grow from a boutique services company to a major player in settlement services with a complete offering for lenders.”