LERETA acquires LPS Property Tax Solutions

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LERETA, LLC has acquired the real estate tax services business of LPS Property Tax Solutions, a wholly owned subsidiary of Lender Processing Services

LERETA, LLC provides real estate tax services for residential and commercial loans, including automated online research and certification, tax bill processing, delinquent tax services and customized tax outsourcing service programs. Lender Processing Services (LPS) desired to divest its Property Tax Solutions subsidiary, which was a competitor to LERETA. A divestiture of this business was complicated by long term customer contracts that the acquirer would need to assume and service. LERETA was particularly well suited to assume these contractual obligations and because of its 26-year experience and reputation in the property tax business, was acceptable to LPS customers as a successor service provider.

Kerlin Capital, which had a long history of working with LERETA and its management team, identified this opportunity for LERETA and developed a dialog at a high level within LPS to investigate on an exclusive basis what could be a significant transaction between competitors. The transaction was negotiated in total confidentiality and required that considerable mutual trust be developed between the parties to provide for a successful transition and smooth conversion for former LPS Tax customers. Through this acquisition, LERETA was able to realize substantial cost savings for the combined businesses and in the process gain access to a broad group of new customers.