States Title CEO Max Simkoff and investor Mark Ein. (Keystone Strategy, Getty)
Title insurance startup States Title is going public in a $3 billion deal with a blank-check firm, the latest sign of investor interest in companies that digitize the residential real estate industry.
The company which has been renamed Doma said Tuesday that it plans to merge with Capitol Investment Corp., a special purpose acquisitions company backed by investor Mark Ein. Since 2007, Ein has raised $1.5 billion through five SPACs.
The deal will generate $645 million, including a $300 million PIPE investment and $350 million from investors including BlackRock, Fidelity, the Gores Group, Hedosophia, SoftBank’s SB Management, Wells Capital and Zillow co-founder Spencer Rascoff. National homebuilding giant Lennar, already a big investor in States Title, is participating in the PIPE.
By Joshua Franklin (Reuters) - U.S. real estate technology company Doma said on Tuesday it has agreed to go public through a merger with blank-check a.
Mark Ein s fifth SPAC to merge with Doma, an instant real estate services company bizjournals.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizjournals.com Daily Mail and Mail on Sunday newspapers.
Proptech startup States Title, now Doma, going public via SPAC in $3B deal yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.