Fathom’s Verus Title expands operations to Arizona and Alabama

CARY, N.C. - Fathom Holdings Inc. (NASDAQ:FTHM) announced Monday that its subsidiary Verus Title has expanded its operations into Arizona and Alabama, bringing the company’s title and settlement services to 34 states and the District of Columbia. The company, which has seen revenue growth of 19% over the last twelve months to $390 million, continues to expand despite challenging market conditions. According to InvestingPro analysis, while the company shows strong growth potential, it faces significant cash burn challenges.

The expansion is part of Fathom’s national growth strategy to provide comprehensive real estate services across the United States. Verus Title offers title insurance and settlement services through technology-driven platforms.

"Expanding into Alabama and Arizona represents important milestones in Verus Title’s growth," said Monica Schroeder, president of Verus Title, in a press release statement. "These new markets enable us to deliver our title and settlement expertise to more clients."

Jon Gwin, chief revenue officer of Fathom Holdings, noted that the expansion aims to provide "a consistent, end-to-end process nationwide" by leveraging the company’s family of businesses.

Verus Title focuses on delivering title and settlement services through technology-based solutions designed to streamline real estate transactions. The company emphasizes transparency and efficiency in its operations.

Fathom Holdings operates as a technology-driven real estate services platform that includes residential brokerage, mortgage, title, and software-as-a-service offerings through its proprietary cloud-based software.

The company’s entry into these new markets continues its strategy of expanding its footprint to serve clients across diverse regions of the United States.

In other recent news, Fathom Holdings Inc. announced the closing of its underwritten public offering of 3 million shares of common stock at $2.00 per share, resulting in approximately $5.4 million in net proceeds after underwriting discounts and expenses. The company also granted Roth Capital Partners a 45-day option to purchase up to an additional 15% of the shares on the same terms. Earlier, Fathom Holdings had announced the pricing of this public offering, which led to a significant drop in its stock during premarket trading. Shareholders of Fathom Holdings also approved an amendment to the company’s 2019 Omnibus Stock Incentive Plan, increasing the share reserve by 1,300,000 shares. Additionally, six directors were elected to serve one-year terms, with vote totals ranging from 13,914,900 to 14,480,705 shares in favor. The directors elected include Marco Fregenal, Scott Flanders, David Hood, Stephen Murray, Adam Rothstein, and Jennifer Venable. These developments indicate ongoing strategic and operational decisions within the company.

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