Dolan Co. To Sell 2 Business Units For $17.5M
The Dolan Company announced Tuesday that it reached agreements to sell two of its business units for about $17.5 million.
Dolan is a Minneapolis-based provider of professional services and business information to the legal, financial, and real estate industries. The company’s professional services division consists of three operating units: National Default Exchange (NDeX), Counsel Press, LLC, and DiscoverReady, LLC. Those units provide services that enable law firms and attorneys to process residential mortgage defaults, court appeals, and review documents more efficiently, according to the company.
The recent agreements involve two NDeX businesses: NDeX South and NDeX Indiana. The NDeX unit deals with a case management software system that assists clients in processing foreclosures, bankruptcies, evictions, and litigation case files for residential mortgage defaults.
NDeX South provides back-office and support services to mortgage default law firms and their clients in Texas, California, Georgia, and Nevada. It’s these law firm clients that purchased the business from Dolan in a transaction that closed Monday.
NDeX Indiana provides similar services to Feiwell & Hannoy, PC, and its clients in Indiana. Dolan has reached a deal to sell NDeX Indiana to that firm. The transaction has not closed and the agreement has been reached “in principle” but is still subject to the completion of definitive agreements and closing conditions, Dolan said.
The majority of the payments for both transactions will come within the next three years, according to the company.
Dolan said that the transactions are in line with its previously announced plan to restructure its NDeX sector, which involves moving toward providing specialized technology services and away from providing a broad range of back-office services to mortgage default law firms.