Based in Austin, Texas, Enverus, the leading global energy data analytics and SaaS technology company, announced Wednesday that it has acquired Integrity Title Company, the largest provider of title plant access in Texas and New Mexico, and premier land and real estate verification company.
Enverus plans to integrate Integrity Title’s technology into a unique-to-market source platform called Integrity Title Plants to create the most robust and accurate title evidence research platform accessible online.
Integrity Title’s title plant databases currently cover 92 title plant counties in Texas and 15 title plant counties in New Mexico and constitute more than 90% and 75% of the population and title premium remittance respectively for the two states.
The Texas title insurance industry annually produces revenue in excess of $1.8 billion. Enverus’ technology and quality control processes, combined with Integrity’s Title’s geographic coverage, will enable the creation of the highest quality, easiest to search and most current title plants in Texas and New Mexico.
“Anyone who works in a land-based industry knows that constructing a chain of title is a very time-consuming, document-intensive task requiring multiple searches through cumbersome card and tract plants, and often, in-person trips to county courthouses,” said Scott Luna, director and former owner of Integrity Title.
“Combining forces with Enverus creates enormous opportunities for Integrity Title and our customers, not only for title research, but also in providing energy companies the opportunity to seamlessly unite title insurance products,” said Manuj Nikhanj, president of Enverus.
In title research, most title plants typically extend back 40 years and give in-depth overviews of critical information regarding a tract of land. This data is used by title companies, attorneys, investors, developers, builders, real estate agents and banks to add confidence, minimize risk and reduce the cost to produce title insurance. By merging the digitization of land and courthouse records owned by Enverus, Integrity Title Plants converts weeks of time-consuming research into seconds.
“Texas has become the number one state in the nation for net new population growth resulting in accelerated demand for title research,” added Silas Martin, general manager of Land products at Enverus. “If title companies and underwriters are not prepared for the spike in activity, they will miss capturing their share of this expanding market.”
Source: press release