San Jose, Calif. - ExactBid LLC has acquired Narrative1, providing the commercial lending industry with the most comprehensive, single-platform solution for commercial real estate and appraisal management.
Financial terms of the deal were not announced.
"The addition of Narrative1 to ExactBid creates a full service solution for all participants in the commercial real estate industry," said Matt Cotter, CEO of ExactBid. "Traditionally, ExactBid has focused on lenders while Narrative1 was focused on appraisers. This combination allows us to add value at every step of the process to all constituents."
Hundreds of banks, including 18 of the top 25 real estate lenders use ExactBid's Real Estate Information Management System (RIMS) advanced appraisal management software to automate the appraisal process and to connect them with appraisers and other due diligence vendors. RIMS streamlines and manages the appraisal workflow and provides banks with many benefits, including increased efficiency, simplified regulatory compliance, and enhanced visibility and control.
Narrative1 has become the dominant company for appraisers seeking to optimize their business processes, with 1,500 active users. Narrative1 offers appraisers professional narrative appraisal templates for retail, multi-family and mixed-use facilities, as well as valuation spreadsheets, a comps database, mapping with Google Earth and ancillary tools. The templates enable appraisers to enter information in Microsoft Word and Microsoft Excel, so they don't need advanced computer skills to take advantage of the efficiency that automation offers.
"We are excited to join the ExactBid family," said Tom Armstrong, the CEO of Narrative1, who will continue to oversee the strategic direction of that portion of the combined business. "With our combined, robust solution, we will be able to help appraisers and lenders benefit from a single platform that offers a unified, transparent source of data, which will enable quicker service to customers and, therefore, enable lenders and appraisers to conduct more business."
"Many of today's appraisers are still conducting business the way they have for several years, using paper, Excel spreadsheets and other traditional methods," Armstrong added. "To effectively compete, appraisers need to embrace technology that simplifies their jobs and enables them to spend more time in the field and generate more business."
Similarly, lenders will benefit from seeing more consistent appraisal reports, enabling them with better knowledge for their underwriting, Cotter said. "It's a very symbiotic relationship. The combination puts us in a unique position to capture the marketplace."
About ExactBid LLC
ExactBid LLC is a leading supplier of real estate appraisal management software for banks, appraisal management companies, and due diligence vendors such as appraisers, property inspectors, and environmental consultants.
ExactBid RIMS (Real Estate Information Management System) is an advanced appraisal management software solution for banks. It automates the appraisal process and connects banks with appraisers and other due diligence vendors. Hundreds of banks use RIMS today, including 18 of the top 25 U.S. real estate lenders.
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Since its founding in 2010, Narrative1 has become the number 1 commercial appraisal software solution in the real estate industry.
Today, Narrative1 develops a full suite of automated software solutions for appraisers to produce higher quality reports for clients around the world. Narrative1 products are available for appraisers, assessors and lenders and the software is 100% compliant with the Appraisal Institute USPAP and CUSPAP standards.