Covius to Acquire Portion of Chronos Business
June 4, 2019
Denver-based Covius Holdings, a provider of technology-enabled solutions to the financial services industry, has entered into a definitive asset purchase agreement to acquire certain businesses from Chronos Solutions.
The business lines included in the deal are Chronos’ credit, flood, income and tax verification services, government services, REO management and disposition, online foreclosure auction and homeowners association (HOA) tracking units.
"For the past 18 months, we have been rigorously executing a strategic plan to invest in technology-enabled services while divesting our private-label fulfillment operation,” said Rob Clements, chairman and CEO of Covius. “Combined with New Residential Investment Corp.'s recent agreement to make an investment in Covius, this acquisition further expands the critical services that Covius can digitally deliver across the mortgage ecosystem and deepens our product offerings."
The acquisition will complement Covius' extensive offerings in document management, loan modification and loss mitigation, title, compliance management, lien tracking, valuations, due diligence and business process workflow services. When the transaction has closed, the combined company will have a broad range of products spanning the mortgage, real estate and financial services lifecycle and a customer base of more than 5,500 clients.
The transaction, which is subject to required approvals and consents, is expected to close within one to two months.
Chronos' key senior management and operating team members will join Covius as part of the transaction.
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