Mercury Network Buys Platinum Data Solutions
Appraisal management software company Mercury Network has entered into an agreement to acquire valuation data and analytics services provider Platinum Data Solutions.
Financial terms of the transaction were not disclosed in the announcement of the merger Wednesday. The deal is an expansion on the two firms' existing relationship: Mercury Network and Platinum Data formed a partnership in January 2015 to offer an integrated service.
The deal will position Mercury Network to expand its transaction footprint, according to Lance Fenton, partner at Mercury Network's primary investor Serent Capital. Serent acquired Mercury Network in May 2015 after the appraisal management software firm was carved out of a la mode.
"Appraisal quality is an increasingly important compliance requirement and the addition of Platinum Data's technology will expand the suite of services available to both companies' customers," Mercury Network Chief Executive Will Clemens said in a news release Wednesday.
"Platinum pioneered automated appraisal underwriting and quality control, and expanding these tools in Mercury Network will help the industry enhance appraisal quality and gain efficiency."
Platinum Data provides technology that lets lenders and AMCs value collateral and identify collateral risks and weaknesses.
Mercury Network said on its website that customers should not notice any immediate changes as a result of the acquisition. The merged company plans to work to incorporate features of Platinum Data's RealView appraisal quality tool and Mercury Network's Appraisal Quality Management system into a single product, which Mercury Network said is expected to become available in the fourth quarter of 2016.