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Ingeo Completes Most Productive Month in Company History, Poised for Accelerating Revenues and Profitability

11/3/2010 12:00:00 AM

  • Nation’s Premier e-Recording Provider for the Real Estate Marketplace Sets New Standards for Revenues, Profitability for Second Consecutive Month in October 2010
  • Driven by Rapid Growth in the Number of Active Submitting Mortgage Lenders and the Company’s Expanding County Electronic Network, 2010 Has Already Become Highest Revenue-Producing Year in Ingeo’s 14-Year History

Ingeo, the premier U.S. electronic recording provider for the real estate marketplace, today announced that October 2010 was the most productive month in the company’s 14-year history, both in terms of revenues and profitability.

“We are encouraged by the tremendous momentum we are achieving,” said Karl Klessig, CEO of Ingeo. “Propelled by a surge in mortgage lending submitters to our system coupled with an expanding footprint of counties using Ingeo’s electronic network, we are now ideally positioned to extend our leadership in the real estate e-recording market.”

While specific revenue figures for the private company are proprietary, Ingeo established new standards for revenue and profitability in October 2010—eclipsing the record totals the company achieved in September 2010. Already, 2010 is the most profitable and highest revenue-producing year in company history. Ingeo is on pace to double its 2009 revenues this year. Buttressed by current contracts in place, the company anticipates that its 2011 revenues will double 2010 performance.

Reinforcing Ingeo’s strong revenue and profitability performance, transaction volume has grown more than 25 percent in each successive quarter of 2010. Q4 2010 is on pace to exceed Q3 volume by 27 percent, with annual 2010 transaction volume anticipated to more than double last year’s numbers.

“Electronic records are the future of the real estate ecosystem, and we are extremely bullish on Ingeo,” said Kent Madsen, managing director of EPIC Ventures, a major investor in Ingeo. “There is an emerging wave of demand for cost-effective and time-saving electronic recording services, and we have no doubt that with its excellent leadership and staff, Ingeo is the company in the industry best able to take advantage of this trend.”

Ingeo has built the nation’s largest county e-recording network: it currently services a population base of 130 million (43 percent of the U.S. population) in 31 states, and plans to increase its population coverage an additional 30 million in the next year to encompass the majority of the nation’s population. The company’s customer base has more than doubled in the past year.

In addition to expanding its customer base, Ingeo is working to develop technology and product enhancements to its iRecord™ county e-recording solution—already the industry’s most comprehensive. The company is also working diligently to expand its e-mortgage offering and other services in response to industry demand from banks, title companies, attorneys, mortgage firms, county recorders and other users of electronic records.

“We've been proud to work with Ingeo for several years,” said Jeremy Pomerantz, SVP at Nationwide Title Clearing in Palm Harbor, Florida. “Providing document services for eight of the nation’s top 10 servicers, we are constantly driven to innovate. Working with a partner like Ingeo has made it easier to take our documents to some of the nation's County Recorders electronically, resulting in cost savings for us and superior service levels for our customers.”

For additional information about Ingeo products and services, visit www.Ingeo.com.



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