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Covius to Acquire Title365 from Blend

1. Blend sells Title365 to Covius, bolstering its technology platform. 2. Covius aims to enhance its title insurance services through the acquisition. 3. Title365 integrates well with leading loan origination systems. 4. Blend focuses on its core software platform post-acquisition. 5. The deal awaits regulatory approvals but is set to close soon.

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FAQ

Why Bullish?

The acquisition allows Blend to refocus on core software business, enhancing long-term growth potential. Historical data shows market positivity after strategic divestitures by tech firms, as seen with Salesforce's acquisition strategies.

How important is it?

The strategic shift may improve Blend's market positioning and operational efficacy. The focus on technology may drive future revenue growth, but immediate impact will depend on successful execution of core business signs.

Why Long Term?

The long-term focus on enhancing Blend's platform is likely to yield positive results over time. Similar cases, like Adobe's divestiture in earlier years, benefited their core offerings significantly.

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COVCRMADBE
Acquisition Will Expand Covius' Title Presence and Technology Platform Integrations , /PRNewswire/ -- Covius Services, LLC, a leading provider of technology-enabled solutions to the financial services industry, announced today it has signed a definitive agreement to acquire Title365 Holding Co., a national provider of title insurance and settlement services with deep integrations across industry platforms, from Blend Labs, Inc. (NYSE: BLND), a leading digital origination platform for banks, credit unions and mortgage lenders. The transaction is subject to certain required third-party consents and regulatory approvals. It is expected to close in the coming months. Title365 is a national title insurance and settlement services company licensed in 43 states, serving top-10 lenders and servicers as well as capital market participants and home equity originators. Title365's full range of products cover first and second mortgage origination services as well as default title. The company is also broadly integrated with leading loan origination and industry platforms. In addition to servicing its own client base, Title365 will continue to partner with Blend to provide integrated title and closing services for Blend customers. Kirby Hulbert, President of Title365, and his team will be joining Covius' Settlement Services team. Rob Clements, Chairman and CEO of Covius, said: "Covius has long been a market leader in providing a broad set of services to the mortgage industry. Title365 will further expand and scale Covius' presence in the origination title space and complement our strength in loss mitigation and default title. This acquisition aligns with our strategy of delivering a full range of tech-enabled products and services across the origination, servicing and capital market sectors." John Surface, CEO of Covius Services, added: "In addition to expanding our product offering and deepening our client base, the acquisition of Title365 gives Covius additional integrations with leading loan origination and point of sale systems to provide even more cohesive solutions to our clients." Nima Ghamsari, CEO and Co-founder of Blend, shared: "This is an exciting next chapter for Blend. Partnering with an industry leader like Covius allows us to sharpen our focus on becoming the leading software platform for financial services, while ensuring our customers continue to get seamless access to best-in-class title services."  About CoviusCovius is a trusted provider of services, insight and technology to leading financial companies. Covius' technology-enabled solutions deliver operational efficiencies, mitigate risk and empower compliant decisions and borrower interactions. Covius businesses are recognized leaders in loss mitigation, document and data solutions, title and settlement services, compliance and critical borrower communications, lien release tracking and preparation, HOA tracking, quality assurance, REO asset management and auction services, credit reporting and verification, capital markets due diligence and oversight, insurance policy analysis as well as rapid-development, customizable cloud-based business process solutions. The company was named a 2025 HousingWire Tech100 winner. For more information about the company and its services, visit www.covius.com. About BlendBlend Labs Inc. (NYSE: BLND) is a leading digital origination platform for banks, credit unions and mortgage lenders. From mortgages to consumer loans to deposit accounts, Blend helps financial institutions streamline workflows, launch faster, and deliver standout customer experiences. In 2024, Blend's platform powered $1.2 trillion in loan applications. Learn more at blend.com. SOURCE Covius WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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