CARY,
N.C., May 6, 2024 /PRNewswire/ -- Fathom
Holdings Inc. (Nasdaq: FTHM) ("Fathom" or the "Company"), a
national, technology-driven, end-to-end real estate services
platform integrating residential brokerage, mortgage, title,
insurance, and SaaS offerings for brokerages and agents, today
announced the divestiture of Dagley Insurance ("Dagley" or "DIA")
to DIA founder Nathan Dagley for a
total purchase price of $15 million
(the "Transaction"), including $8.0
million paid at closing and $7.0
million paid over the next 24 months. The proceeds from the
transaction will be used to strengthen Fathom's financial position
and support its growth initiatives.
Dagley Insurance will continue to work closely in support of the
Fathom Realty agent network across the 47 states in which it
operates, providing their real estate clients with a range of
high-quality service offerings. Fathom Realty's agents will not
experience any change in how they currently work with Dagley
Insurance.
"We are pleased to announce the successful agreement to sell our
insurance business while continuing our deep relationship with the
Dagley Insurance team," stated Marco Fregenal, CEO of Fathom
Holdings, Inc. "This strategic decision strengthens our balance
sheet while advancing our agent growth strategy. The infusion of
capital resulting from this transaction provides us with essential
capital to confidently navigate any potential future headwind and
positions us to generate increased value for our shareholders
through targeted growth endeavors and the exploration of further
investment opportunities within our core operations."
"Collaborating closely with Nathan
Dagley and the DIA team has been instrumental in this
journey, and I extend my heartfelt appreciation for their
unwavering dedication and shared vision. Together, we are poised to
further elevate the insurance offerings and services available to
our Fathom Realty agents and clients, reaffirming our commitment to
excellence in every facet of our operations," adds Fregenal.
"I would like to express my gratitude to Marco Fregenal, Fathom
founder Josh Harley, and Fathom
Realty Chief Operating Officer Samantha
Giuggio for their support over the past three years," said
Nathan Dagley, President of Dagley
Insurance. "My tenure at Fathom has not only fostered numerous
valuable relationships but has also significantly contributed to
the growth of Dagley Insurance. I am thrilled to announce that DIA
will continue serving the exceptional real estate agents at Fathom,
and the loan officers and staff at Fathom subsidiaries Encompass
Lending and Verus Title. This ongoing relationship is made possible
by the steadfast support of Marco and the leadership team, for
which we are profoundly thankful and we cherish the opportunity to
remain a part of this family. I must also commend my dedicated
team, who consistently overcame every challenge with determination
and skill. We are enthusiastic about the future and committed to
providing top-tier insurance solutions for our collective
clients."
About Fathom Holdings Inc.
Fathom Holdings Inc. is a
national, technology-driven, real estate services platform
integrating residential brokerage, mortgage, title, insurance, and
SaaS offerings to brokerages and agents by leveraging its
proprietary cloud-based software, intelliAgent. The Company's
brands include Fathom Realty, Dagley Insurance, Encompass Lending,
intelliAgent, LiveBy, Real Results, and Verus Title. For more
information, visit www.FathomInc.com.
Cautionary Note Concerning Forward-Looking
Statements
This press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to
risks and uncertainties that may cause actual results to differ
materially, including market conditions, risks associated with the
cash requirements of Fathom's business, risks of the loss of
insurance revenue as a result of the transaction, competition,
ongoing and potential future litigation, and other risks set forth
in the Risk Factors section of the Company's most recent Form 10-K
as filed with the SEC and supplemented from time to time in other
Company filings made with the SEC. Copies of Fathom's Form 10-K and
other SEC filings are available on the SEC's website,
www.sec.gov. The Company undertakes no obligation to update
these statements for revisions or changes after the date of this
release, except as required by law.
Investor Contact:
Alex Kovtun and Matt
Glover
Gateway Group, Inc.
949-574-3860
FTHM@gateway-grp.com
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SOURCE Fathom Realty
