Qualia Acquires Developer of ResWare
December 22, 2020
Qualia announced the acquisition of Adeptive Software, the developer of title and escrow production software ResWare.
Qualia also raised $65 million in Series D financing, increasing its total funding to $160 million and valuing the five-year-old company at over $1 billion. The latest round was led by existing investor Tiger Global, alongside other existing investors 8VC and Menlo Ventures.
The pandemic made the long-term value of a fully digital closing platform clear to members of the real estate and mortgage business ecosystem, one that has historically depended on manual, in-office and in-person processes. Qualia and Adeptive have both worked toward solutions to overcome those challenges by creating a uniform technology infrastructure that businesses use to deliver a secure, integrated, end-to-end closing experience. Ultimately, a shared platform of record can simplify and demystify the homeownership process, Qualia said in a release.
“Modern real estate transactions require new infrastructure,” said Nate Baker, co-founder and CEO of Qualia. “The Qualia and Adeptive teams are both working towards bringing that seamless home buying, selling and refinance experience to the real estate ecosystem at large. We’re excited for the road ahead and to have the continued support of our world-class investors to help make this happen.”
Adeptive has provided software and services to the title and escrow industry through ResWare for nearly 20 years. Over this time, Adeptive has built enterprise-class software used by large underwriters, title, and escrow companies, complete with a host of integrations with service partners. By coming together, Qualia and Adeptive will further accelerate real estate’s digital transformation.
“We are thrilled to bring Adeptive’s almost two decades of expertise to Qualia,” said Bryan Buus, president of Adeptive. “The Qualia team’s focus on powering professionals to deliver a fantastic consumer experience for over five years now has sparked new innovation in our industry, and we’re incredibly excited to build the foundation for the future of real estate together.”
In 2020, a year when refinances spiked to record highs, the need for easy-to-use and reliable tools that can power consistent digital experiences for service partners and their clients has never been more apparent. According to recent research from Qualia more than half of homebuyers prefer an entirely digital closing process, yet only 13 percent of recent homebuyers reported having one, and only nine percent of future homebuyers anticipate being able to do so. This funding positions Qualia to expand its role in empowering digital transformation for industry partners and consumers alike.
In the last few months, Qualia released a platform supporting technology-enabled real estate companies such as Redfin, REX and Orchard, new platforms for both mortgage lenders and title insurers that digitizes their processes with title agents, and a native Remote Online Notarization platform to make it possible to close on a home fully remotely.
“In recent years, new real estate and mortgage business models designed to meet the needs of the modern consumer have emerged," said Joe Lonsdale, founding partner at 8VC. "Qualia has created the leading IT-infrastructure to support these new models, as well as more traditional home buying methods.”
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