RentRange, a Denver-based rental home provider, together with its sister company Investibality, was bought by a European company called Altisource Portfolio Solutions. The amount used to acquire both the companies was not disclosed by the participating parties.
RentRange is a company that provides rental home data and information to both financial services firms and real estate companies while Investability is an online residential real estate platform that gives investors access to estimated cash flow, capitalization rate, net yield and market value on properties for sale.
According to the the Press Release given by the Altisource, the acquisition is going to expand the capabilities of the company in home rental market.
CEO of Altisource Portfolio Solutions William Shepro said that the acquisition will bring a much more reliable that can be utilized by real estate investors.
"These acquisitions squarely support our real estate and mortgage marketplace strategy and enable us to provide valuable analytics to the home rental, renovation and origination markets," said Shepro. "RentRange and Investability, when combined with Altisource's services, offer investors the data and information they need to make well-informed decisions about the homes they're buying, renting and managing."
Wally Charnoff, founder of both RentRange and Investability, will remain in his post as the CEO of the two companies. Charnoff said that the he is looking forward in working under Altisource Portfolio Solutions.
"Altisource brings a forward-looking approach to the real estate marketplace that we're very excited to join," said Charnoff. "Our vision has always been to develop the most comprehensive residential property rental data repository in the country, along with a powerful and unique search and transaction engine for rental homes."
Altisource Portfolio Solutions is a Luxembourg-based company that operates a number of housing-related sites that provide services related to home rentals, home buying, mortgages and credit.
Altisource also currently owns online real estate auction portal such as Owner.com and Hubzu.