Basis100
Basis100, a leading provider of Internet-based business-to-business e-commerce solutions, focuses on creating mortgage, consumer credit.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
| investor | €0.0 | round | |
$43.0m Valuation: $43.0m | Acquisition | ||
| Total Funding | 000k | ||
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Basis100 Inc. operated as a provider of business solutions and financial software, with a specific focus on the mortgage lending industry. Headquartered in Toronto, Canada, the company was founded in 1996.
The company's core business involved offering a suite of technology-driven services. This included lending solutions designed for consumer credit, as well as mortgage origination and processing. A significant part of their service portfolio was dedicated to data warehousing and analytics. This was highlighted by their provision of automated property valuations (AVMs), property data-warehousing, and various data products with analytics support. Additionally, Basis100 provided capital markets solutions tailored for fixed-income trading.
The primary clients for Basis100 were institutions within the mortgage lending community, particularly in the U.S. market. The top mortgage lenders utilized their AVMs, integrating them into their business systems and processes. The company's business model was centered on providing these data services and software solutions to facilitate and automate key aspects of the mortgage lifecycle.
A major milestone for the company was its initial public offering (IPO) on October 1, 1999. Following its time as a publicly-traded entity on the Toronto Stock Exchange (TSX: BAS), the company underwent a significant corporate event. On September 8, 2004, Basis100 was acquired by The First American Corporation for a net cash price of approximately $33 million, plus the redemption of outstanding convertible debentures. At the time of the acquisition, Basis100 was a major supplier of AVMs to the U.S. mortgage industry, and the transaction positioned First American as the largest provider of such services in the nation.
Keywords: mortgage lending solutions, financial software, automated valuation models, AVM, property data warehousing, consumer credit solutions, mortgage origination software, capital markets solutions, fixed income trading tools, data analytics, First American Corporation acquisition, Toronto tech company