- OVP Venture Partners Leads Round with Participation from Trident Capital - - Company Sees Broader Adoption of its End-to-End Default Management Platform and Growth in its Recently Launched ForeclosurePoint.com Marketplace -
SEATTLE, July 7 /PRNewswire/ -- DepotPoint, Inc., an industry-leading
provider of technologies and services for the changing real estate market,
including the foreclosure market, today announced it has secured $7 million of
additional equity capital. The round was led by OVP Venture Partners, with
participation from previous investor Trident Capital.
"DepotPoint's tools will significantly streamline the foreclosure process
for banks and mortgage servicers," said Mark Ashida, Managing Director with
OVP Venture Partners. "Additionally, ForeclosurePoint.com, their foreclosure
marketplace, will truly change the game, enabling brokers and others to buy
and sell foreclosure properties more easily. OVP is a believer in the SaaS
model, and DepotPoint is a prime example of the immediate value the enterprise
customer can see from such an approach," he said. Ashida will join
DepotPoint's Board of Directors.
Prakash Kondepudi, President and Chief Executive Officer of DepotPoint,
added, "We are excited to have OVP and Trident Capital as partners in our
journey to bring efficiencies to a market that is facing significant
headwinds. With our innovative technologies, we hope to change the way
distressed properties are processed by creating new efficiencies in mortgage
servicing and real estate transactions."
ForeclosurePoint.com member Barry Wilber of Russell Investments says this
about the company's marketplace: "ForeclosurePoint.com demystifies the
complexity of the foreclosure market, offering an easy-to-use solution that
anyone interested in purchasing a property can put to use. And unlike other
listing services available today, it encompasses all of the integral
components -- including expert real estate agent partners -- necessary to
fully participate and successfully buy a foreclosure property. From my
perspective, ForeclosurePoint.com is the first solution to date poised for
mass-market adoption."
DepotPoint will use the additional capital to support broader adoption of
its solutions for the mortgage servicing market.
About DepotPoint
DepotPoint (http://www.DepotPoint.com) brings greater efficiencies and
cost savings to mortgage lenders, loan servicers, foreclosure attorneys and
REO asset management firms that use the company's Web-based application suite
(TrackPoint) to vertically process properties through foreclosure straight
into REO management -- mitigating risk, accelerating the recovery of
nonperforming assets and reducing lenders' carrying costs for default
properties. DepotPoint applications are audit-ready and facilitate
multi-vendor communication and task management with efficiencies that are
unique in the market.
ForeclosurePoint (http://www.ForeclosurePoint.com), a service of
DepotPoint, is opening the door to the foreclosure market. With more free,
detailed property information than any other national foreclosure marketplace,
as well as foreclosure property tracking services available nowhere else,
ForeclosurePoint provides the most effective way for homebuyers, investors and
real estate professionals to participate in the buying and selling of default
properties.
DepotPoint is based in Bellevue, Wash.
About OVP Partners
For 25 years, OVP Venture Partners has led the drive into new, high-growth
technology markets in the Pacific Northwest. OVP makes early stage
investments in communications, software, digital media, security,
semiconductors, digital biology, cleantech and nanotechnology. The firm's
record of 52 liquidity events -- including 22 IPOs -- leads the region. OVP
has over $750 million in capital under management and is currently investing
its seventh fund. The firm has offices in Seattle, Wash. and Portland, Ore.
More information on the partnership is available at http://www.OVP.com.
SOURCE DepotPoint, Inc.
