Vancouver, British Columbia--(Newsfile Corp. - November 13, 2020) - Ideanomics (NASDAQ: IDEX), a global company focused on monetizing the adoption of commercial electric vehicles and associated energy consumption, has signed a purchase agreement to acquire 100% of privately held Timios Holdings Corp. in an all-cash deal. Timios, a nationwide title and settlement solutions provider, has been expanding in recent years through offering innovative and freedom-of-choice-friendly solutions for real estate transactions.
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The company offers title and settlement, appraisal management, and real-estate-owned title and closing services in 44 states and currently serves more than 280 national and regional clients, through both centralized processing and a localized branch network. Timios combines difficult to obtain licenses, a knowledgeable and experienced team, and a scalable solutions platform to deliver best-in-class service to its residential and commercial clients, as well as specialized offerings for the mortgage industry.
Timios was founded in 2008 by real estate industry veteran Trevor Stoffer, who currently serves as Chairman of the Board. Ideanomics will assist Timios in scaling its business in various ways, including client acquisition and product innovation.
Trevor Stoffer, Chairman, Timios Holdings, stated: "As we move into an unprecedented era of data-driven real estate transactions, Timios intends to continue to shepherd our customers through this significant transformation in the real estate industry by providing transparency and simplification. We look forward to leveraging Ideanomics' resources to continue Timios' growth and to explore opportunities to further modernize real estate closings."
Alf Poor, CEO, Ideanomics, added: "Ideanomics' DNA is to serve as a catalyst for change through innovation. Timios fits perfectly within our model as a disruptive force in the mortgage and title industry, which currently has many antiquated processes that go against the trend towards transparency and freedom of choice. With this acquisition, we are onboarding a profitable business which has grown both its top and bottom line tremendously in 2020. We are delighted to add them to our family, where we anticipate they will integrate seamlessly, and we look forward to working with the management team to further develop what is a win-win for both Ideanomics and Timios."
Timios has booked more than $60 million in revenues over the last 10 months including more than $8 million in October.
According to Realtor.com's Housing Market Recovery Index, the US real estate market has recorded 17 consecutive weeks above the pre-COVID benchmark, with the 'pace of sales' metric, which tracks differences in time-on-market, 18.9 points above the January baseline, suggesting buyers and sellers are continuing to connect at a faster rate going into the fall as buyers take advantage of low interest rates.
Headquartered in New York, with offices in Beijing, Hangzhou, and Qingdao, and operations in the U.S., China, Ukraine, and Malaysia, Ideanomics is focused on the convergence of financial services and industries experiencing technological disruption. Its Mobile Energy Global (MEG) division is a service provider facilitating the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under its innovative sales to financing to charging business model.
Through Ideanomics Capital, the company focuses on disruptive fintech solutions and services across the financial services industry. Together, Mobile Energy and Ideanomics Capital provide their global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and their shareholders with the opportunity to participate in high-potential, growth industries.
For more information, please visit the company's website www.ideanomics.com, contact Tony Sklar, VP of Communications, at email@example.com. For more information about Timios Holdings, please visit the company's website, www.timios.com, or contact Ernie Lewis, Senior VP of Marketing by email at ELewis@timios.com.
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