Mortgagebot Acquires NetUpdate

Most Home Corp. Vancouver, British Columbia, has sold its point-of-sale automation tool, NetUpdate, to Mortgagebot, Mequon, Wis. Mortgagebot paid Most Home Corp. cash compensation of $600,000. In addition, Most Home is keeping approximately $107,000 in receivables that it had already billed or collected prior to closing. Before this deal came about, Most Home tried to sell NetUpdate to Data-Vision, but Most Home shareholders rejected the offer, which was structured as a three year arrangement that called for monthly payments, based on a percentage of gross revenues earned by the NetUpdate operations, with a minimum cumulative payment of $500,000 over that period. Most Home is focusing its efforts on mobile technology with this divestiture and Mortgagebot is gaining the NetUpdate customer base, which means Mortgagebot now serves 900 banks, thrifts, and credit unions nationwide.