Troy, Michigan-based appraisal management company (AMC) Class Valuation announced on Wednesday that it has acquired fellow AMC Valuation Connect, formerly a subsidiary of mortgage technology company Mortgage Connect LP.
Class Valuation acquired the company to bolster its position in the appraisal marketplace further, according to an announcement of the deal. Terms of the deal were not disclosed.
“We are beyond excited to be partnering with Valuation Connect,” Class Valuation CEO John Fraas said in a statement. “We share a core value in that we are not afraid to roll up our sleeves to help our clients win. Combining forces is going to be a win-win for all stakeholders.”
According to Class, the two companies align on important issues, including culture, service, efficiency and technology development.
“Given their market dominance in wholesale, their investment in digital and modernization products, combined with Valuation Connect’s technology and centralized retail presence, we feel this combination will add tremendous value to our combined customers,” said Jeff Coury, CEO of Mortgage Connect.
“This collaboration will allow us to accelerate the development of cutting-edge appraisal technology and deliver unmatched value.”
The incorporation of Valuation Connect into the Class Valuation corporate infrastructure will ensure “a seamless transition” for clients, with the company claiming it will help broaden the availability of products and services to existing clients of both organizations.
Class Valuation has been on an acquisition spree. In early 2022, the company acquired Detroit-based AMC Metro-West and its subsidiary Valuation Link. At the time, Class Valuation claimed Metro-West was the “largest independent residential appraisal firm in the country,” and had appraisers in 80 U.S. metro markets.
In August 2022, the company acquired Chandler, Arizona-based AMC AppraisalTek before acquiring Maine-based AMC PropertyVal in December that year.
Other notable acquisitions in recent years included reverse mortgage-focused AMC Landmark Network in 2018 and AMC Janus Valuation & Compliance in 2019.
In 2021, operating as Class Valuation, the company acquired Pendo Management in Kansas City.