Doma, the Company Architecting the Future of Real Estate Transactions, Completes Business Combination with Capitol Investment Corp. V
SAN FRANCISCO – (BUSINESS WIRE) – Doma Holdings, Inc. (formerly known as States Title Holding, Inc.) (“Doma”), a leading force in disruptive change in the real estate industry, and Capitol Investment Corp. V (NYSE: CAP) (“Capitol”), a publicly traded special purpose vehicle, today completed its previously announced business combination. Doma leverages machine intelligence and its proprietary technology solutions to create an easier, more efficient and more affordable real estate deal experience for current and potential homeowners, lenders, title agents and real estate professionals. The combined company’s common stock and warrants are expected to trade on July 29, 2021 on the New York Stock Exchange under the symbol DOMA and DOMA.WS, respectively.
The proceeds from the transaction will be used by Doma to drive growth, both through market expansion and new product development aimed at expanding the strategic advantage customers receive from Doma’s machine intelligence platform. Capitol shareholders approved the transaction at a special meeting instead of the 2021 annual general meeting on July 27, 2021. CEO Max Simkoff and the rest of the Doma management team will continue to lead the combined company.
“For us, this transaction is about accelerating our ability to penetrate and revolutionize first the antiquated $ 23 billion title, escrow and closure market, and finally the broader $ 318 billion home ownership services market.” said Simkoff. “Ultimately, our vision is to have many of the most important experiences when buying a home, instantly and digitally. Today’s milestone is evidence of Doma’s impressive growth to date and the strength of our business. We look forward to this next phase as a stock corporation. ”
Citigroup Global Markets Inc. acted as financial advisor and Davis Polk & Wardwell LLP acted as legal advisor to Doma. JP Morgan Securities LLC acted as financial advisor and Latham & Watkins LLP acted as legal advisor to Capitol. Deutsche Bank Securities Inc. also acted as capital markets advisor to Capitol. Citigroup Global Markets Inc. and JP Morgan Securities LLC acted as PIPE placement agents with JMP Securities LLC, Oppenheimer & Co. Inc. and DA Davidson & Co. acted as co-placement agents.
Doma (formerly States Title Holding, Inc.) is shaping the future of real estate transactions. The company uses machine intelligence and its patented technology solutions to transform residential real estate and make closures instant and affordable. Doma and its family of brands – States Title, North American Title Company (NATC), and North American Title Insurance Company (NATIC) – provide solutions for current and potential homeowners, lenders, title agents and real estate professionals that greatly simplify and efficiently close deals, reduce costs and increase customer satisfaction. Doma customers include some of the largest bank and non-bank lenders in the United States. To learn more, visit www.doma.com.
Legend for forward-looking statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. “plan”, “project”, “predict”, “intend”, “will”, “expect.” “,“ Anticipate, ”“ believe, ”“ seek, ”“ seek, ”or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The absence of these words does not mean that a statement is not forward-looking. Such statements are based on beliefs and assumptions about the information currently available to Doma’s management.
These forward-looking statements include, among other things, statements regarding estimates and projections of financial and performance metrics, projections of market opportunities, total addressable market (“TAM”), market share and competition, and potential benefits of the transactions described herein. These statements are based on various assumptions, whether or not mentioned in this press release, and current expectations of Doma management and are not predictions of actual performance. These forward-looking statements are presented for illustrative purposes only and are not intended as a guarantee, assurance, prediction or final determination of fact or probability and should not be relied upon as such by any investor. Actual events and circumstances are difficult or impossible to predict, differ from assumptions, and are beyond Doma’s control.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in business, market, financial, political and legal conditions; Failure to achieve the expected benefits of the business combination; Risks related to the uncertainty in the forecast financial information relating to Doma; future global, regional or local economic, political, market-related and social conditions, including due to the COVID-19 pandemic; the development, impact and enforcement of laws and regulations, including those related to the title insurance industry; Doma’s ability to manage its future growth or to develop or acquire improvements to its platform; the impact of competition on Doma’s future business; the outcome of potential legal disputes, governmental and regulatory proceedings, investigations and investigations; and the other factors described in the “Risk Factors” section of Doma’s filings with the SEC from time to time.
Should any of these risks materialize, or should Doma’s assumptions prove incorrect, actual results could differ materially from those implied in these forward-looking statements. There may be additional risks that Doma is not currently aware of or that Doma currently considers to be immaterial and which could also mean that the actual results differ from those contained in the forward-looking statements. Additionally, forward-looking statements reflect Doma’s expectations, plans or projections of future events and beliefs as of the date of this press release. Doma assumes that subsequent events and developments will lead to a change in Doma’s assessments. Although Doma may update these forward-looking statements at some point in the future, Doma expressly disclaims any obligation to do so, unless required by law. These forward-looking statements should not be taken as a representation of Doma’s opinion at any time after the date of this press release. Accordingly, you should not place undue reliance on any forward-looking statements.