Mortgage data firm Actovia has struck a deal to buy its former competitor CrediFi, the Tel Aviv-based startup that abruptly shut down last month.
New Jersey-based Actovia closed on its purchase Friday, company founder and CEO Jonathan Ingber told The Real Deal.
Ingber founded Actovia in 2011 as a platform to provide access to commercial mortgage information on properties in New York City, and is expanding in the tri-state area.
“What we do is more regionally-based, and we were looking for an opportunity to expand to a national footprint for some time,” he said. “We think they’re a great compliment to our suite of services, so when the opportunity came we engaged them about buying the company.”
Ingber declined to disclose the financial terms of the deal.
CrediFi founder and CEO Ely Razin said Actovia’s capacity to keep keep CrediFi’s business in tact and continue to work with its clients was a “key driver” in getting the deal done.
“We thought they’d be a very good home for the CrediFi business and our clients, partly because they have such a strong understanding of the real estate mortgage space,” he said.
Ingber said that in the immediate future, Actovia will keep CrediFi as a separate company, so as to seamlessly continue servicing its clients. Further on down the road, he said, Actovia will consider whether it makes sense to merge CrediFi into its new parent company.
Tel Aviv-based CrediFi, meanwhile, had raised $29 million in funding before shutting down abruptly in December. The startup had been in talks to sell itself to companies like Moody’s, but no deal materialized before Razin decided to shut the firm down, as TRD previously reported.
CrediFi in June laid off a significant portion of its workforce.