Background
Over the course of iiExperts’ history, it has built numerous title plants using raw county data or by converting existing databases. From time to time, those projects never reached project completion or database ownership never transferred to the requesting client for reasons like nonpayment. These stalled projects continue to sit on our servers as dormant assets.
One of these county databases was DeWitt County in South Texas. Historically this was an energy-rich part of state, and until energy prices rebounded, this database’s value was diminished.
Timeline
In reviewing these dormant database assets, we decided to look for buyers (title agencies) that would want to either partner with us in making the database current (updating it) and then share in ownership of the revised database or possibly choose to purchase the database outright. Sales identified title agencies in adjacent counties that might be interested in expanding their title operations into this county.
Allied Title Company in Lavaca County was contacted by phone and simply asked if they had a desire to expand into neighboring DeWitt County. Their interest led to a much wider dialogue about their current title plant software, hosting, and data entry abilities.
In the end, Allied Title Company chose to purchase the dormant database outright. They also opted for some clean up and paid to make the database current. Given that their current plant software platform was antiquated, IIX was able to convert their primary county title plant for Lavaca County into TP and proceed to host both counties and provide keying and posting.
Takeaways
This was a unique arrangement. We had a dormant asset that was not generating revenue, and we found a willing party that had a desire to press into a new market. It was truly a win-win proposition. Our ability to provide Allied Title Company with a nearly ready-made database that could generate revenue almost immediately was impetus for wider conversations about their title plant operations.
It was quickly discovered that their current plant software was woefully inadequate. We provided the client with a demo of the software and then proceeded to provide them with a free trial period. Upon completion of the trial, Allied Title Company chose to move forward with converting their Lavaca County Plant into TP, as well as hosting both counties (Lavaca and DeWitt) on our cloud solution. In addition, we were able to provide them with our typical robust keying and posting for both counties.
