A private equity firm has scooped up Attom Data Solutions, a real estate data and analytics company that has spent years building a massive archive of property records.
Lovell Minnick Partners announced Tuesday that it had completed its acquisition of Attom, which has built what it describes as the “nation’s premier property database.” The database includes property records such as deeds, foreclosure filings, mortgage documents and other information. The database includes documents on more than 155 million properties. Attom’s goal is to make those records easier to include in apps and on websites, such as listing portals.
Attom, which is based in Irvine, California, was formerly known as RealtyTrac before rebranding in 2016. Last year, the company acquired another property database, launched a new API platform, and moved its records onto the cloud. The company works with other businesses and, though it may not be immediately recognizable to the average consumer, typifies the way tech companies are working to digitize the various stages of the real estate experience.
In 2017, Inman also recognized Attom for its innovation.
Lovell Minnick Partners acquired Attom from Renovo Capital and Rosewood Private Investments, though the companies did not provide financial details about the deal.
Attom CEO Rob Barber said in a statement Tuesday that despite the acquisition his company remains focused on its core mission of “expanding our seamless end-to-end data platform to deliver greater value for our customers.”
“We look forward to the next chapter of our growth, supported by the experience and resources of Lovell Minnick Partners, as we further strengthen our position as the premier one-stop shop for high-quality real estate data,” Barber added.
Lovell Minnick Partners — which has offices in New York City, Los Angeles and Philadelphia — typically invests in financial service companies. The company has a track record of focusing on tech-enabled businesses and describes itself as adding “value by partnering with management teams to deploy growth strategies, cultivate and execute external growth opportunities, source and negotiate strategic transactions and foster valuable and lasting relationships.”
In a statement Tuesday, Jason Barg, a partner at the equity firm, said his company is excited to team up with Attom, which has “an excellent reputation for leadership and innovation in the real estate data and information services market.”
John Cochran, also of Lovell Minnick Partners, praised ATTOM for having “generated strong organic growth.” He also said that Attom’s platform, customer service and “recurring license revenue model” leave it well-positioned for future success.
“We are eager to support management,” Cochran continued, “in executing their strategic plan to build the leading technology platform in the real estate data industry.”