Finalized deal is valued at about $29 million
Pittsburgh-based mortgage servicer Mortgage Connect has announced that it has fully acquired ADFITECH, a provider of outsourced mortgage quality control, due diligence, and mortgage fulfillment services
The all-cash merger deal was valued at roughly $29 million. Holders of ADFITECH’s common stock will receive $3.717451 per share in cash with the aggregate amount rounded to the nearest whole cent, a release said.
Commenting on the transaction, ADFITECH chief executive officer Tom Apel said: “We are pleased to join forces with Mortgage Connect, an organization with a solid reputation for customer service within the mortgage services industry. We appreciate the support of our valued customers and the talented ADFITECH employees and management as we continue to work together to provide the highest quality outsourced mortgage quality control, due diligence and mortgage fulfillment services in the future.”
The Coury Firm was the exclusive financial advisor of Mortgage Connect, and SmithAmundsen served as legal advisor to Mortgage Connect. Cowen served as financial advisor to ADFITECH, and McAfee & Taft served as legal advisor to ADFITECH.
Read more: Valuations expert joins Mortgage Connect
Late last year, Mortgage Connect announced bolstering its appraisal management roster with the addition of seasoned valuations executive Andrew Bough, who will serve as head of valuations. Under Bough’s leadership, the company aims to expand Valuation Connect’s offerings and advance its focus and investment in digital applications.
