Title Resources Group (TRG), a national title insurance underwriter, announced that Opendoor Technologies Inc., an e-commerce platform for residential real estate transactions, has acquired a minority stake in its business. Financial terms were not disclosed.
Opendoor joins Centerbridge Partners, L.P., Anywhere Real Estate Inc., and HomeServices of America, a Berkshire Hathaway affiliate company, as an ownership partner.
“We are thrilled to have Opendoor and their innovation in the purchase market become part of TRG. We are also very excited to work together with the team at OS National [OSN], a national title and escrow company wholly owned by Opendoor, which is leading the title and escrow space in creating a truly differentiated customer experience,” said Scott McCall, President and CEO, Title Resources Group.
“Like us, TRG places their customers first and strives to lead their sector with innovative products,” said OSN co-CEO Charles Chacko. “Our investment strengthens our partnership with them and will further enhance the value we can bring to our customers and the industry. We look forward to what we can accomplish with TRG and our co-owner partners: Centerbridge, Anywhere Real Estate and HomeServices of America.”
“Opendoor is a great addition to the team,” said Kevin Mahony, Managing Director at Centerbridge. “Opendoor’s investment in TRG is another example of the outstanding value TRG creates for its customers. We are excited about the strategic benefits of expanding the relationship.”
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