Portfolio News| December 2014
ExactBid Receives Investment from Spectrum Equity
San Jose, CA - ExactBid, the leading marketplace for commercial real estate appraisals, announced today an investment from Spectrum Equity, a leading growth equity firm. The investment will support ExactBid’s rapid growth and continued development of RIMS, the company’s market-leading Software-as-a-Service (SaaS) platform serving financial institutions in North America.
In conjunction with the transaction, Matt Cotter has joined ExactBid as CEO. Prior to joining ExactBid, Mr. Cotter served as Senior Vice President of Sales & Marketing at Mortgagebot, a former Spectrum Equity portfolio company which was sold to Davis + Henderson in 2011.
“I am excited to partner again with Spectrum and join the ExactBid team to lead the company’s next phase of innovation and growth. ExactBid has created a unique platform connecting many of the United States’ largest financial institutions with a network of over 30,000 local commercial appraisers,” said Mr. Cotter.
As a result of the investment, Ben Spero and Jake Heller from Spectrum have joined ExactBid’s Board of Directors. In addition, Scott Happ, the founder and former CEO of Mortgagebot, has joined as Chairman.
“As an innovator in the commercial lending sector over the past 14 years, ExactBid has developed into a two sided marketplace of scale,” said Ben Spero, Managing Director at Spectrum Equity. “We are thrilled to have the opportunity to partner with Matt, who is uniquely well-positioned to extend the company’s progress and momentum and joins a talented management team focused on building upon this unique asset.”
Andy Maisel, a co-founder of ExactBid who served as CEO from January 2013 to December 2014, will remain with the company in an advisory capacity to ensure a smooth transition.
“On behalf of the investors and Board of Directors, we are grateful to Andy for his service and would like to thank him for the strong foundation he has built at ExactBid,” Mr. Cotter continued.
Spectrum Equity was advised by Latham & Watkins LLP and ExactBid was advised by Pagemill Partners and Pillsbury Winthrop Shaw Pittman LLP in connection with the transaction.
About ExactBid
ExactBid is the leading marketplace for real estate appraisals serving financial institutions, appraisal management companies, and due diligence vendors, such as appraisers, property inspectors, and environmental consultants. ExactBid RIMS (Real Estate Information Management System) is a SaaS appraisal management software solution that automates the appraisal process for banks, connecting them with a network of over 30,000 appraisers and additional due diligence vendors. Over 30% of all U.S. commercial real estate appraisals are managed through the RIMS platform. ExactBid customers include hundreds of banks, including over 70% of the top 25 U.S. real estate lenders.
About Spectrum Equity
Spectrum Equity is a leading growth equity firm that provides capital and strategic support to its portfolio companies. Representative investments include Ancestry.com, BATS, GrubHub, lynda.com, Passport Health, SurveyMonkey, Teachers Pay Teachers, Verafin, and WeddingWire. For more information about Spectrum, including a complete list of investments, visit www.spectrumequity.com.
Content contained in this blog post is not intended to and does not constitute investment advice. Your use of the information in this blog post and materials linked is at your own risk. Spectrum Equity does not make any guarantee or other promise as to any results that may be obtained from using this content. No one should make any investment decision without first consulting his or her own financial advisor and conducting his or her own research and due diligence. Past performance is not indicative of future results, and there is a possibility of loss in connection with an investment in any Spectrum Fund. To the maximum extent permitted by law, Spectrum Equity disclaims any and all liability in the event any information, commentary, analysis, and/or opinions prove to be inaccurate, incomplete or unreliable, or result in any investment or other losses. The specific companies identified above does not represent all of Spectrum’s investments, and no assumptions should be made that any investments identified were or will be profitable.