Hard to believe that RealtyTrac co-founder, James Saccacio, has stepped down as CEO and now acts as a “executive advisor”. As I first reported some time ago (Inman News just posted something today) it looks like my sources were correct and a equity group from Texas has bought a majority interest in the company.
Full press release below:
RealtyTrac Secures Capital Investment from Renovo Capital, Positioning the Company for Continued Growth
Capital Infusion Enables RealtyTrac to Focus on Improving User Experience by Developing Innovative Products and Refining its Nationwide Foreclosure Data
IRVINE, Calif. – Nov. 28, 2011 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today announced that the company has obtained a substantial capital investment from Renovo Capital LLC through the private equity firm’s Renwood Opportunities Fund. Renovo’s investment in RealtyTrac provides the capital necessary to fund growth, nurture expansion into untapped areas of the market, and continue the company’s mission of dramatically improving the overall experience of transacting real estate.
Moving forward, RealtyTrac will focus on expanding its data collection capabilities and footprint while constantly improving the user experience on the nation’s leading foreclosure website, www.realtytrac.com, and developing innovative new products to enhance RealtyTrac’s value proposition for individuals, investors and real estate professionals.
Brandon Moore will assume the CEO role. Moore successfully led the expansion of several online ventures and has specific expertise in subscription-based marketing. He was most recently the senior vice president and general manager of One Technologies, where he was instrumental in growing the company’s annual revenue exponentially over a four-year span.
RealtyTrac’s co-founder, James J. Saccacio, will continue to help shape the company’s future as a member of the RealtyTrac board, and as an executive advisor and continuing to impart his trusted market knowledge as a spokesperson for the company.
“I am excited to move forward with this venture as it will empower RealtyTrac to better serve its customers, providing them with a wider data reach, more robust foreclosure search and real estate research capabilities, and an enhanced user experience,” said Saccacio. “With this capital infusion, RealtyTrac’s leadership can expand on its core competencies of collecting, analyzing and democratizing the availability of U.S. foreclosure data. We have identified just the right investor to partner with, and the timing of this investment is well synched with our plans for maintaining RealtyTrac’s reputation as a go-to company that exceeds the needs of its customer base and addresses the exciting challenges the dynamic real estate market presents.”
“We are pleased to complete this transaction and continue working with RealtyTrac’s management team to preserve and expand upon this widely respected brand,” said Renovo Managing Partner Mark Barbeau. “This company is a valuable resource to real estate professionals, investors and financial institutions alike, as well as for various organizations within the public sector.”
About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting millions of unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate. RealtyTrac’s foreclosure data has also been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.
About Renovo Capital LLC
Renovo Capital LLC (www.renovocapital.com), through its Renwood Opportunities Fund, invests in companies across a variety of industries in North America. Renwood Opportunities Fund was formed by Renovo Capital and Rosewood Private Investments, the private equity arm of The Rosewood Corporation, a prominent family-owned company with diverse worldwide operations and investments. Renovo Capital has offices in Dallas, Denver, and Irvine.
About James Saccacio
RealtyTrac Co-Founder James Saccacio became the company’s chairman and CEO in October 2000. Since then, he has transitioned the company from a local provider of foreclosure data to the nation’s leading online foreclosure marketplace. He was named one of the 100 most influential real estate leaders in 2010 by Inman News and received the 2011 Distinguished Alumni Award from the SMU Cox School of Business, for which he currently serves on the Executive Advisory Board. Saccacio is a sought-after industry expert on mortgage and foreclosure-related topics. His knowledge and opinions have been solicited by major national media outlets, government agencies, business associations and educational communities alike. He remains intimately tied to RealtyTrac’s mission: to dramatically improve the overall experience of transacting real estate for individuals, investors and real estate professionals by making the process easier, more affordable and less time-consuming.
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Media Contacts:
Christine Stricker
949.502.8300, ext. 268
christine.stricker@realtytrac.com
Michelle Schneider
949.502.8300, ext. 139
michelle.schneider@realtytrac.com
