Chronos Solutions Buys Mortgage Tech Company Cogent Road
Real estate finance services provider Chronos Solutions in Frisco, Texas, has acquired San Diego-based mortgage technology company Cogent Road.
Financial terms of the transaction were not disclosed. This represents Chronos Solutions' second acquisition of the year, following the January purchase of online real estate auction marketplace Realtybid.com. Chronos, until its rebranding in October, was known as Matt Martin Real Estate Management.
Through the deal, Chronos expects to gain more than 300 customers. The deal also will support the company's existing array of origination services.
"Cogent Road offers an incredible array of superior origination technology," Chronos Chief Executive Matt Martin said in a Dec. 14 news release. "The combination of these products with Chronos' already-formidable suite of origination solutions empowers us to deliver end-to-end service to originators of any size."
Cogent Road offers three mortgage origination products: Funding Suite, Tax Door and Roohmz. Funding Suite is a credit and data purchasing platform that provides mortgage lenders with credit information and allows them to analyze how a borrower's credit can be improved. Tax Door is a tax transcript service that fully automates the process of ordering verified income data from the Internal Revenue Service. Roohmz, meanwhile, is a loan origination system.
Beyond the products, Martin said that Chronos hopes to expand Cogent Road into a mortgage and real estate tech lab, with new services and products to be released in the next year. Chronos aims to replicate its success with Realtybid.com, which has grown 800% since being acquired.
Holland & Knight LLP and Stinson Leonard Street LLP served as Chronos Solutions' and Cogent Road's legal advisors, respectively. Berkery Noyes was Cogent Road's strategic and financial advisor.