ExactBid, an advanced appraisal management software solution for banks, announced that it will acquire Narrative1, the top commercial appraiser software solution in the real estate industry. The two will provide the most comprehensive solution for commercial real estate and appraisal management, the companies said.
“The addition of Narrative1 to ExactBid creates a full service solution for all participants in the commercial real estate industry,”ExactBid CEO Matt Cotter said in a release announcing the deal. “Traditionally, ExactBid has focused on lenders, while Narrative1 was focused on appraisers. This combination allows us to add value at every step of the process to all constituents.”
Many top lenders use ExactBid’s Real Estate Information Management System (RIMS) advanced appraisal management software to automate the appraisal process, connecting them with appraisers and other vendors.
Narrative1 offers professional narrative appraisal templates enabling its 1,500 active users to enter information in Microsoft Word and Microsoft Excel. Users do not need advanced computer skills to take advantage of the efficiency the automation offers.
“We are excited to join the ExactBid family,” Narrative1 CEO Tom Armstrong said in the release. “With our combined, robust solution, we will be able to help appraisers and lenders benefit from this single platform allowing quicker services to customers, while enabling appraisers to conduct more business.”
Cotter also expressed satisfaction that this is a “symbiotic” relationship between ExactBid and Narrative1, saying it put the companies in a unique position to truly capture the marketplace.