Datappraise, a provider of advanced database and report production software for commercial real estate appraisers, announced Oct. 2 that it has received a significant capital boost from a subsidiary of Valbridge Property Advisors Inc.
Valbridge — an appraisal and advisory services firm with 66 offices, 176 MAIs and over 650 total staff — is an existing Datappraise customer.
The financial terms of the investment were not disclosed.
In a service announcement sent to Datappraise clients, new Datappraise Chief Operating Officer and General Manager Jeffrey Roper welcomed the capital investment from Valbridge, which he said would enable Datappraise to enhance its software suite for commercial appraisers to be “even better, with enhanced usability, functionality and reliability for current users as well as appraisers who have yet to discover the benefits of our platform to [help] improve their productivity and produce higher quality appraisal reports.”
Roper called the Valbridge investment “a considerable vote of confidence in Datappraise, our products and our potential.”
Datappraise licenses its online software for use by individuals and companies, and Valbridge is Datappraise’s largest corporate subscriber. Valbridge professionals use the platform to manage their property comparables data and help produce appraisal reports.
“Valbridge utilizes proprietary data and systems to produce appraisal reports,” Valbridge Property Advisors CEO and President Richard Armalavage said, “but critical to our effort is the Datappraise platform, which we use to help manage our data and empower report-writing. Many other appraisers have come to rely on Datappraise much as we do.
“Powerful as it is, there is the potential for the Datappraise platform to be even more robust, responsive and reliable. We’ve invested in the company so it can continue to innovate and help lead the commercial appraisal industry for the benefit of all market participants.”
“We appreciate all of our subscribers at Datappraise and value their opinions and feedback,” Roper said. “With Valbridge, we’re pleased to acknowledge not just the investment capital, but the brain trust that comes along with it. Valbridge has accomplished something significant in successfully launching their firm and helping advance the commercial appraisal profession. My hat’s off to them, and I appreciate their interest in taking Datappraise to the next level.”