An affiliate of Hall Financial Group has purchased financially troubled mortgage technology company BridgeSpan through successful confirmation of a plan of reorganization. BridgeSpan and its California-based title company in January filed Chapter 11 bankruptcy.
Under Hall Financial Group’s leadership, BridgeSpan will focus solely on providing enterprise software that fully automates the processing of residential mortgages and related real estate services. The company will no longer be directly involved in the title insurance business or in providing ancillary mortgage services, according to Hall Financial.
BridgeSpan, founded in 1998, provides a Web-based software application for the electronic processing of residential mortgages. The company’s flagship product is eMortgageAxis.
“We consider this a great opportunity. BridgeSpan has developed a complex application that fully automates a historically traditional but relatively unsophisticated process. It lowers origination costs at the mortgage company level and also improves experiences for consumers,” said Donald Braun, president, Hall Financial Group.
The purchase is part of Hall Financial Group’s strategy to acquire enterprise software companies with strong product offerings for the financial services sector. It is the sixth such acquisition by Hall Financial Group and affiliates in the last two years.
Hall Financial Group holds diversified interests and investments in the U.S. and Europe. The company’s businesses include real estate ownership and management, providing real estate financing and investing in select technology companies. Hall Financial Group is also involved in the vineyard and winery business.
Hall’s subsidiary Skywire Software provides enterprise software applications for online customer service and support, business intelligence, integration applications/adapters and professional services.
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