It's been a busy and successful couple of months for Corvisa LLC, a software development firm that provides mortgage management software used by mortgage bankers and appraisers nationwide to streamline business operations.
The entrepreneurial company, located at 2365 N. Mayfair Road, was acquired by StreetLinks National Appraisal Services, an Indianapolis company in the residential appraisal management business, on Oct. 25 when the latter purchased a 51 percent ownership of the local company.
The terms of the deal, which closed Nov. 10, were not disclosed.
Wunderkind drives success
Corvisa was founded by President Matthew Lautz, a software wunderkind who started his first software development company, Brevient Communications, when he was 16. He grew the company into a software development and VoIP (Voice over Internet Protocol, or broadband phone) company, and he served as CEO for more than eight years, according to his biography.
The current management team is expected to stay on and continue to grow the company.
During his tenure with Breviant, Lautz led a team that managed customers in more than 15 countries and processed 4 million VoIP transactions per day. He also raised $4.5 million in investment capital and orchestrated the acquisitions of two product lines.
Lautz has been featured as an emerging business leader by BusinessWeek, Fast Company magazine and The Wall Street Journal, along with technology blogs. He also works as a consultant for technology-based businesses and a mentor for young entrepreneurs.
"We are excited about this acquisition," said Steve Haslam, CEO of StreetLinks. "StreetLinks offers lenders the best full-service appraisal management solution available. Corvisa has the best self-managed appraisal technology and platform in the industry. Together, we can customize any appraisal management solution to best meet the needs of any lender's business model."
Lautz was equally effusive in praising the combined company and its capabilities: "StreetLinks' emphasis on service and their innovative culture are right in line with Corvisa's, which makes this an exciting opportunity. We are confident that our combined strengths will enable us to produce products, beginning with a comprehensive appraisal management solution that will take the mortgage industry to a new level."
Shortly after the acquisition closed, the company entered into a partnership with PCLender.com that integrates the companies' products. On Nov. 15, they announced CorvisaOne Analytics business analytics software was integrated with PCLender.com's InHouse Mortgage loan origination software.
"Corvisa's centralized approach to data further enhances the value of the software as a service model that PCLender delivers to lenders," said Lionel Urban, president and co-founder of PCLender.com. "With the end-to-end data flow between CorvisaOne Analytics and InHouse Mortgage, our lending clients have a way to cost-effectively get a complete picture of their loan processes and company performance, which has become increasingly important in this competitive market."
Upgrades fuel growth
Part of what set the stage for Corvisa's growth was its enhancements to the data platforms and facilities that support their CorvisaOne software suite.
Spurred by dramatic increases in customer usage over the past several months, Corvisa moved its primary data center to Chicago's 350 Cermak facility. In addition to the facility upgrade, Corvisa has upgraded its processing hardware and implemented a new electronic storage platform to support its growth.
The company said the upgrades will increase processing capabilities, improve system speed and increase capacity for secure, long-term document storage.
"Our objective with CorvisaOne is to help lenders and appraisers manage loan processes more efficiently while putting the full picture of their business data at their fingertips, which means system speed is critical," said Corvisa's director of engineering, Andy Brezinsky. "The upgrades will allow us to provide customers with a better, faster experience and serve as a foundation that will easily scale as we continue to grow."
Robert Warde is a freelance business writer living in Wauwatosa. He has been a journalist for more than 27 years and a business journalist for the past 15 years. Reach him at firstname.lastname@example.org.
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