SUBSEQUENT EVENT

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENT

On October 9, 2015, we acquired GoldenGator, LLC (doing business as RentRange^®), REIsmart, LLC (doing business as Investability^™) and Onit Solutions, LLC, a support company for RentRange and Investability (collectively, the “Acquired Businesses”). RentRange is a leading provider of rental home data and information to the financial services and real estate industries, delivering a wide assortment of address and geography level data, analytics, and rent-based valuation solutions for single and multi-family properties. Investability is an online residential real estate search and acquisition platform that utilizes data and analytics to allow real estate investors to access the estimated cash flow, capitalization rate, net yield and market value of properties for sale in the United States. The purchase price of $24.8 million is composed of $17.5 million in cash and 247 thousand shares of restricted common stock of the Company with a value of $7.3 million as of the closing date. The restricted stock is subject to transfer restrictions and potential forfeiture provisions upon issuance. These restrictions and forfeiture provisions will be removed over a four year period, subject to meeting certain continued employment conditions with the Company and meeting certain acquisition-related escrow release conditions. The Acquired Businesses are not material in relation to the Company’s results of operations or financial position.