Spectrum Equity has made an investment for ExactBid for an undisclosed price.
The investment is meant to support the growth and development of ExactBid’s Software-as-a-Service platform Rims. This product automates the appraisal process for banks by connecting them with a network of over 30,000 appraisers and due diligence vendors.
Due to this investment, Matt Cotter will succeed Andy Maisel as chief executive of the San Jose, Calif.-based commercial real estate appraisal company. Most recently, Cotter was senior vice president of sales and marketing at Mortgagebot, a former Spectrum Equity portfolio company that was sold to DH Corp. three years ago.
Maisel, who co-founded ExactBid and served as chief executive since January 2013, will remain with the company in an advisory role during this transition.
As part of this transaction, Ben Spero and Jake Heller will join ExactBid’s board of directors. Additionally, Scott Happ, the founder and former chief executive of Mortgagebot, has joined as chairman.
Latham Watkins advised Spectrum Equity. Pagemill Partners and Pillsbury Winthrop Shaw Pittman were advisors for ExactBid.