NEW YORK - Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company") is pleased to announce it has signed a definitive stock purchase agreement to acquire 100% of privately held Timios Holdings Corp. ("Timios") in an all-cash deal, the material terms of which are disclosed in the Company's related 8-k filing. The acquisition is subject to the satisfaction of regulatory approvals and other customary closing conditions.
Timios, a nationwide title and settlement solutions provider, has been expanding in recent years through offering innovative and freedom-of-choice-friendly solutions for real estate transactions, including residential and commercial title insurance and closing and settlement services, as well as specialized offerings for the mortgage industry.
Ideanomics expects that Timios will become one of the cornerstones of Ideanomics Capital, the Company's fintech business unit, which focuses on leveraging technology and innovation to improve efficiency, transparency, and profitability for the financial services industry. Timios combines difficult to obtain licenses, a knowledgeable and experienced team, and a scalable solutions platform to deliver best-in-class service through both centralized processing and a localized branch network. Ideanomics will assist Timios in scaling its business in various ways, including referring client acquisition and product innovation.
Founded in 2008 by real estate industry veteran Trevor Stoffer, Timios' vision is to bring honesty and transparency to real estate transactions. Mr. Stoffer, who currently serves as Timios' Chairman of the Board, believes that the real estate process has been overly complicated to the detriment of consumers and commercial clients. The company offers title and settlement, appraisal management, and real-estate-owned (REO) title and closing services in 44 states and currently serves more than 280 national and regional clients.
"As we move into an unprecedented era of data-driven real estate transactions, Timios intends to continue to shepherd our customers through this significant transformation in the real estate industry by providing transparency and simplification," said Timios Chairman of the Board, Trevor Stoffer. "We look forward to leveraging Ideanomics' resources to continue Timios' growth and to explore opportunities to further modernize real estate closings."
Timios has introduced significant product and service level improvements, becoming an innovator in the real estate title and escrow services industries - markets poised for technology disruption. Its proprietary tools eliminate tedious calculations and provide increased pricing transparency to the benefit of all parties in a transaction; lender, real estate agents, and consumers alike. Using a combination of operational discipline and technology, Timios employs efficient workflow management systems and a data-driven approach which results in one of the highest closing rates in the business.
"Ideanomics' DNA is to serve as a catalyst for change through innovation. Timios fits perfectly within our model as a disruptive force in the mortgage and title industry, which currently has many antiquated processes that go against the trend towards transparency and freedom of choice. With this acquisition, we are onboarding a profitable business which has grown both its top and bottom line tremendously in 2020. We are delighted to add them to our family, where we anticipate they will integrate seamlessly, and we look forward to working with the management team to further develop what is a win-win for both Ideanomics and Timios," said Alf Poor, CEO of Ideanomics.
The U.S. real estate market is forecasted to continue its upward trend in 2021, with home sales expected to rise and a high volume of sales to occur as buyers take advantage of low interest rates.1 According to Realtor.com, its 'pace of sales' metric– which tracks differences in time-on-market – continues to remain above the pre-COVID baseline and is 18.9 points above the January baseline, suggesting buyers and sellers are continuing to connect at a faster rate going into the 2020 fall.