San Francisco, CA - August 18, 2017 — Serent Capital, a San Francisco-based private equity firm, announced that it has completed the sale of Mercury Network to CoreLogic. In June, Serent sold a 45% minority stake in Mercury and in August sold the remaining 55%.
Founded in 2010, Mercury Network is the leading appraisal vendor management software provider serving more than 800 mortgage lenders and appraisal management companies (“AMCs”). The company offers a broad range of solutions to help its clients manage the entire collateral valuation process in compliance with applicable regulations. Lenders and AMCs leverage Mercury’s network of over 27,000 registered appraisers to filter for and select the best appraiser for a given assignment, place the appraisal order, manage communication with the appraiser, and run automated quality control checks on the appraisal report.
“Mercury Network chose to partner with Serent Capital because we believed that Serent’s growth-focused model and hands-on support would be instrumental in helping the company scale to the next stage in its evolution," said Jennifer Miller, President of Mercury Network, who helped found the Mercury product while it was still part of its former parent company, a la mode, inc. She continued, "We are excited about this next chapter with CoreLogic and believe that a combination of the two businesses creates the opportunity to enhance the value that we bring to our customers."
"Serent Capital has been instrumental in helping us achieve rapid growth, which we realized through both organic and inorganic means over the past two years," said William Clemens, CEO of Mercury Network. "Our partnership with Serent provided us with the resources to expand our product capabilities, bolster our executive team, optimize our go-to-market strategy, and enhance our customer value proposition through accretive acquisitions in Platinum Data Solutions and Appraisal Scope."
"We are energized by Mercury Network’s success, and humbled by the opportunity to work with Will, Jennifer, and the entire executive team at Mercury," said Lance Fenton, partner of Serent Capital. "The team did a terrific job of maintaining Mercury’s commitment to serving the customer, while also navigating a period of rapid growth and acquisition integrations. We congratulate the team on this successful outcome and are excited for Mercury’s continued success as part of CoreLogic.”
About Serent Capital
Serent Capital invests in growing businesses that have developed compelling solutions that address their customers' needs. As those businesses grow and evolve, the opportunities and challenges that they face evolve with them. Principals at Serent Capital, through their experiences as CEOs, strategic advisors, and board members to successful, growing businesses, have firsthand experience in capturing those opportunities and navigating related challenges. By bringing its experience and capital to bear, Serent helps growing businesses thrive.
For more information on Serent Capital, visit www.serentcapital.com.
