Solidifi & Altus Group Complete Financing to Develop Lending and Insurance Data Solutions



    
    Commercial & Residential Real Estate Professionals Gain New Revenue Source

    
    TORONTO, April 30 /CNW/ -- Solidifi Inc. announced today that it has
completed an additional equity investment with Altus Group Income Fund.
("Altus"). This additional capital will be used to expand Solidifi's service
offerings, including the development of replacement cost and risk analytics
solutions for property insurance companies. The new services will leverage
Solidifi's core technology capabilities, Altus' extensive proprietary
commercial real estate data and expertise and Solidifi's North American
network of independent appraiser partners. Details of the investment were not
released, but Altus has increased its minority position in Solidifi and joins
the Board of Directors.
    

    
    Providing risk management services to the property and casualty (P&C)
insurance industry is a multi-billion dollar revenue opportunity for Solidifi
and Altus.  P&C insurers strive to improve underwriting profits by mitigating
losses and reducing costs. The real-time data collected by local market
residential and commercial professionals, powered by Solidifi's property
underwriting platform, provides insurers with unique risk characteristics and
detailed replacement cost information to make more intelligent decisions at
time of underwriting.
    

    
    For example, knob and tube wiring discovered by an appraiser during the
mortgage process represents a material risk for insurers, who typically have
the option of relying on the homeowner to provide this information, or
spending time and money to order an inspection. Solidifi can instantly confirm
this information, right at the desktop of the underwriter prior to approval.
Detailed property characteristics (square footage, room counts, etc) combined
with up-to-date, validated cost information provided by Altus provides an
extremely accurate replacement cost estimate for the insurer.
    

    
    These revolutionary new data solutions are facilitated in full
partnership with local market real estate professionals, including Solidifi's
North American network of over 8,000 independent residential real estate
appraisers, and Altus' 34 offices of independent real estate consulting and
professional advisory practitioners. In this tumultuous market climate, these
real estate experts provide the foundation for reliable real estate analysis
by contributing current, validated, and unbiased information.
    

    
    "There are significant operational and risk management opportunities
available for our clients by utilizing Altus' data collected by local
professionals. This comprehensive information will offer insurers a new
benchmark for replacement cost accuracy," said Jason Smith, President and CEO
of Solidifi. "We anticipate that our joint relationships with respected
financial institutions and Altus' global footprint enable us to continue our
rapid growth and innovation."
    

    
    This financing has provided the investment required to evolve Solidifi's
property data warehouse to provide service for the P&C marketplace by
leveraging its successful solutions provided to the mortgage industry.
Solidifi's solutions are built using Web 2.0 and Service Oriented Architecture
(SOA) technology.  Property information provided by partners, appraisers, and
other local professionals are tracked at the transaction level by Solidifi's
digital rights management framework to manage revenue distributions to each
contributor.
    

    
    Solidifi is leveraging its existing core transaction management platform
to rapidly bring these solutions to market. This SaaS (Software as a Service)
platform, together with proprietary data extraction and management
capabilities has created an extraordinary opportunity to offer new and unique
data solutions across multiple verticals, including P&C insurance.
    

    
    "Solidifi's robust technology platform, combined with Altus' extensive
database, will allow us to capitalize on this significant opportunity; needed
more than ever in the current economic climate," said Gary Yeoman, CEO of
Altus Group. "The expertise and innovation within Solidifi, combined with
Altus' breadth of experience, offers the ability to rapidly bring these new
opportunities to market and capitalize on as an ongoing means of growth across
the globe."
    

    
    This strategic partnership and capital investment complements Solidifi's
existing property valuation and collateral risk management services that
provide Solidifi's lender customers with risk analytics that leverage local
market appraiser expertise and providing its residential appraiser partners
with new revenue streams.
    

    
    Through technological innovation, residential and commercial real estate
expertise, and an extensive joint customer base, Solidifi and Altus will work
to establish a comprehensive data solution suite in the P&C insurance market,
and continue to expand the breadth of real estate data solutions for their
customers.
    


    About Altus Group
    
    Altus Group Income Fund is the leading multidisciplinary provider of
independent real estate consulting and professional advisory services
worldwide. With a staff of over 1,200, Altus has 34 offices in 24 cities
throughout Canada and 8 offices throughout the UK. Altus operates as: Altus
Research, Valuation and Advisory; Altus Cost Consulting; Altus Realty Tax
Consulting; Altus Geomatics; Altus InSite; Altus Capital Planning; and Altus
Edwin Hill. Altus' clients include banks, financial institutions, governments,
pension funds, asset and fund managers, developers and landlords, as well as
companies engaged in the oil and gas industry. For more information, go to
altusgroup.com.
    

    About Solidifi Inc.
    
    Solidifi is a leading provider of property valuation, collateral risk
management and data analytic services to the North American financial services
industry. Solidifi provides customers with a flexible service platform for
procuring collateral valuation, data solutions, and other real estate services
from marketplace vendors and appraisers, with complete transparency and data
to make "incredibly smart decisions". Solidifi currently serves leading global
financial institutions and is located in Chicago, Toronto, Montreal and
Calgary. Additional information about Solidifi is available at
www.solidifi.com.
    


    
    For more information or to schedule an interview with Jason Smith, please
contact:
    
    Solidifi Inc.
    Mike Kraemer
    Director, Marketing & Communications
    (905) 739-1212
    mkraemer@solidifi.com
    www.solidifi.com
    
    For more information or to schedule an interview with Gary Yeoman, please
contact:
    
    Altus Group Income Fund
    Sayla Nordin
    VP, Communications and Investor Relations
    (416) 557-0939
    altusgroupincomefund.com




    




For further information:

For further information: Mike Kraemer, Director, Marketing &
Communications, Solidifi Inc., +1-905-739-1212, mkraemer@solidifi.com; Altus
Group Income Fund, Sayla Nordin, VP, Communications and Investor Relations ,
+1-416-557-0939, altusgroupincomefund.com Web Site: http://www.solidifi.com

Organization Profile

SOLIDIFI INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890