SitusAMC Holdings Corp. (“SitusAMC”), the leading provider of services and technology solutions to the real estate finance industry, has acquired technology provider, Alan King and Company, Inc. (“AKC”). AKC’s master servicing and loan accounting software solution, SBO 2000, will join SitusAMC’s growing technology portfolio, integrating with existing SitusAMC technologies to provide comprehensive support for participants across the real estate spectrum.
AKC’s technology, SBO 2000, is a complete master servicing system, combining cashiering, data entry, accounting, and investor reporting functions into one platform. The platform supports many of the largest banks in the country with more than two million mortgages currently being managed on the platform.
“The purchase of AKC highlights our commitment to building a complete investment lifecycle data management solution across residential mortgages,” said SitusAMC CEO Michael Franco. “SBO 2000 provides a tried-and-true system that is trusted by the world’s leading financial institutions and brings a loan accounting and cash reconciliation competency to our asset and portfolio surveillance technologies. This solution is a great fit for (i) any party that owns loans or MSRs that are serviced by third parties or (ii) entities that service loans for third parties.”
Chris Consoli, SitusAMC’s Chief Technology Officer noted, “AKC’s technology adds to the broad array of software and data solutions we bring to our clients, including systems of record for the custodial and warehouse space (MBMS’ emBTRUST and ProMerit), conduit management (The Rate Lock System), document management (DocAcuity), and optical character recognition (Acuity) systems.”
“SitusAMC’s vision for modernizing the real estate finance industry and already impressive portfolio of technology was an ideal fit for us,” said Alan King, founder of AKC. “We are excited to be part of the SitusAMC family as we continue creating and providing differentiated solutions to the industry.” Mr. King will be staying with the Company post close as a Managing Director and will be focused on expanding the SBO 2000 product’s reach within the industry.
SitusAMC was represented by Sidley Austin LLP.
