Doma Holdings Inc. (formerly known as States Title Holding, Inc.) and Capitol Investment Corp. V, a publicly traded special purpose acquisition company, have completed their previously announced business combination. Doma uses machine intelligence and its proprietary technology solutions to create a more simple, efficient and affordable real estate closing experience for current and prospective homeowners, lenders, title agents and real estate professionals.
Proceeds from the transaction will be used by Doma to fuel growth through market expansion and the development of new products. CEO Max Simkoff and the rest of the Doma management team will continue to lead the combined company.
“For us, this transaction is about accelerating our ability to penetrate and revolutionize first the antiquated $23 billion title, escrow and closing market and, eventually, the broader $318 billion home ownership services market,” said Simkoff. “Our vision is to ultimately make many of the most important home buying experiences instant and digital.”
Citigroup Global Markets Inc. acted as financial advisor and Davis Polk & Wardwell LLP acted as legal advisor to Doma. J.P. Morgan Securities LLC acted as financial advisor and Latham & Watkins LLP acted as legal advisor to Capitol. Deutsche Bank Securities Inc. also acted as capital markets advisor to Capitol. Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as PIPE placement agents with JMP Securities LLC, Oppenheimer & Co. Inc. and D.A. Davidson & Co. as co-placement agents.