SitusAMC Holdings Corp., a provider of services and technology solutions to the real estate finance industry, has acquired technology provider Alan King and Company (AKC). AKC’s master servicing and loan accounting software solution, SBO 2000, will join SitusAMC’s technology portfolio, integrating with existing SitusAMC technologies to provide support for participants across the real estate spectrum.
“The purchase of AKC highlights our commitment to building a complete investment lifecycle data management solution across residential mortgages,” said SitusAMC CEO Michael Franco. “SBO 2000 provides a tried-and-true system that is trusted by the world’s leading financial institutions and brings a loan accounting and cash reconciliation competency to our asset and portfolio surveillance technologies. This solution is a great fit for (1) any party that owns loans or MSRs [mortgage servicing rights] that are serviced by third parties or (2) entities that service loans for third parties.”
SBO 2000 is a complete master servicing system, combining cashiering, data entry, accounting, and investor reporting functions into one platform. The platform supports many of the largest banks in the country with more than two million mortgages currently being managed on the platform. Founder Alan King will remain with SitusAMC as a managing director. SitusAMC was represented by Sidley Austin LLP.
