CEO says the combined company will allow them to "truly differentiate" their services in the marketplace
Walker & Dunlop has completed its acquisition of GeoPhy, a commercial real estate (CRE) technology company providing data and insights to CRE professionals.
Walker & Dunlop financed the transaction with $85 million in cash paid at closing with an additional $205 million of cash earn-out potential. In a statement, the firm’s chairman and CEO, Willy Walker, commented that the acquisition is a “game-changing investment” as it “dramatically accelerates the growth” of their technology.
Walker & Dunlop chief information officer Aaron Perlis added: “GeoPhy’s technology capabilities will allow us to dramatically accelerate the growth of our digitally-driven businesses, including Apprise, our tech-enabled appraisal business, and our small balance lending (SBL) platform as we continue to differentiate the Walker & Dunlop platform through our people, brand, and technology.”
In 2020, the companies partnered to form Apprise – a joint venture appraisal company that offers shorter underwriting and appraisal processing.
“As our current JV partner in Apprise, we are well acquainted with the GeoPhy team and their capabilities,” Walker said. “Actionable technology — that makes our bankers and brokers more insightful and capable — is what has differentiated Walker & Dunlop, and the acquisition of GeoPhy immediately enhances our capabilities.”
“As a combined company, we have the scale, resources, and expertise to truly differentiate Walker & Dunlop’s services in the marketplace,” said Teun van den Dries, CEO and co-founder of GeoPhy. “We know W&D, we know the value of their brand and platform, and we expect this acquisition to be a fantastic success.”