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LPS Execs Finalize Management Buyout of LPS Real Estate Group, Launch New Company

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Former LPS Senior Executives Jay Gaskill, Prem Luthra, Mike Kovar and John Hensley announced the completion of a management buyout of select business lines and operations from LPS’ Real Estate Group to launch Real Estate Digital (RED). The aforementioned executives will continue in their roles leading the newly formed company. Moving forward, the team believes RED will bring the industry the best of both worlds: unmatched expertise and resources combined with an entrepreneurial ability to adapt and innovate.

“Since the very beginning, we wanted to control our own destiny. And as of today, we do,” says Gaskill, RED’s CEO. “For more than five years our core management team has believed 100 percent in the potential of this company and the industry. Throughout a history of acquisitions, spin-offs and name changes, we’ve stayed constant and true to our vision for what the company could, should, and ultimately, would be. RED is that vision. This allows both us and LPS to narrow our respective focuses and concentrate on what we do best.”

While remaining one of the largest players in real estate technology, RED plans to be adaptable and innovative as well.

“We wanted to be free to innovate and focus on real estate – not in pursuit of someone else’s larger corporate business strategy, but out of a desire to make this industry the best it can be,” explains Gaskill. “We’re still the largest player in real estate technology, but now we’re more nimble, adaptable, entrepreneurial and willing to take the risks that true innovation demands.”

With the exception of MLS systems, which will stay with LPS, all of the solutions for which the former LPS real estate group is known will continue to be offered by RED: rDesk® Websites, Real Estate and Living Media®, reDataVaultTM, TransactionPoint®, DocCentralTM, FormCentralTM, MLS Portal, Neighborhood and School Reports, rDesk® CRM, rDesk® CMA and rDesk® IDX. The company currently has relationships with over 400 MLS organizations, 350 broker companies, nearly 60 settlement services companies and more than 250,000 real estate professionals.

“There will be no immediate changes to our services or products,” Gaskill reports. “All of the innovative solutions for which the team is known remain with RED, and our commitment to the service and support of our customers is greater than ever. Looking out a bit farther, we’ve got an exciting pipeline of new products coming that will both compliment and expand our existing portfolio of products. We see the best-in-class solutions we’ve been providing for years as just the starting point.”

According to Gaskill, the formation of RED will allow the team to laser focus on the real estate industry.

“RED is focused on being the leading provider of truly integrated technology, data and media solutions to the real estate industry. The evolution of our products and services—in fact, everything we do—will center on that mission.”

“The future holds great things for the real estate industry—whether today’s market reflects it or not,” Gaskill adds. “This is a period of fundamental transformation, of convergence and synergies that are helping real estate professionals better serve consumers. RED is committed to being at the center of that transformation.”

For more information, please visit www.realestatedigital.com.

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