M&A / FundingProptech

Qualia hits unicorn status, acquires Adeptive Software

Digital closings software firm raises $65M in Series D, propelling it to unicorn status

Digital closings firm Qualia announced Monday that it has reached unicorn status with a fresh infusion of venture capital. And for good measure, it also announced that it had acquired a rival in the title and escrow software space.

Qualia said on Monday that it is now valued at more than $1 billion following a $65 million Series D funding round, according to reports. The latest round of funding was led by existing investors Tiger Global, 8VC and Menlo Ventures. Qualia has raised $160 million in venture capital since its founding in 2015.

Apart from the fundraise, San Francisco-based Qualia also announced its acquisition of Adeptive Software, the creator of ResWare, production software for title and escrow professionals. The price of the acquisition was not disclosed.

“Modern real estate transactions require new infrastructure,” Nate Baker, chief executive officer and co-founder of Qualia, said in a statement. “The Qualia and Adeptive teams are both working towards bringing that seamless home buying, selling and refinance experience to the real estate ecosystem at large.”

It’s been a busy year for Qualia, which in November launched a “Physical Document Service” that enables mortgage lenders to automate the management of paper trailing documents from title partners through its own platform.


Quicken Loans’ Austin Niemiec on Rocket Pro TPO rebrand impact

On the heels of going public, Rocket Companies’ broker channel, Quicken Loans Mortgage Services, made waves throughout the industry when it announced it would be rebranding to Rocket Pro TPO in an effort to closer align itself with the brand that has become ever-present in the lending space. 

Presented by: Rocket Pro TPO

It also launched “Qualia Post,” a post-closing solution that integrates with a lender’s LOS to automate the retrieval of closing and post-closing documents from title companies.

The acquisition of Adeptive highlights how hot the digital closings space has become over the last year, driven largely by the pandemic and a consumer shift toward automation and digitization.

Qualia’s rival Notarize, which offers a fully digitized title and escrow platform, raised $35 million in a Series C round in July. JetClosing, a cloud-based digital title and escrow startup, raised $9 million in June.

Just a few days ago, Walters Kluwer acquired eOriginal, a cloud-based digital lending software for $280 million. And Stewart Information Services Corp., the parent company of Stewart Title, announced earlier this month that it would broaden its digital offerings with the acquisition of NotaryCam, a prominent player in the notarization and eClosings space.

March also saw a flurry of activity as First American purchased Docutech for $350 million and Black Knight acquired Collateral Analytics for an undisclosed price.

Qualia’s research department reported recently that more than half of homebuyers prefer an entirely digital closing process, yet only 13% of recent home buyers reported having one.

Latest Articles

2022 HousingWire TECH100 Real Estate Honorees HW+
Mar 11, 2022 By

This year’s list of TECH100 Real Estate honorees represent a huge shift in the direction that the real estate industry is heading in. Though real estate may have fallen behind in technological advances compared to other industries in the past, all of that is changing, and this year’s list of Tech100 winners embody that shift. […]

Content from our partners

Log In

Forgot Password?

Don't have an account? Please

Register

Forgot Password

Please enter your registered email address below to receive a password reset link.

Check Your Email

A password reset email has been sent to the email address on file for your account, but may take several minutes to show up in your inbox. Please wait at least 10 minutes before attempting another reset.

Welcome to FinAssist

Go to your inbox and open 'Welcome to FinAssist, your company discovery platform' to get started. You may also skip your inbox and 'Start tutorial'.