SAN FRANCISCO–(BUSINESS WIRE)–Doma the company architecting the future of real estate transactions using machine intelligence and proprietary technology solutions, announced it has appointed Matt Zames as Chairman of its Board of Directors. Mr. Zames has been a member of Doma’s Board for several years, along with Stuart Miller, Charles Moldow, Karen Richardson, Lawrence H. Summers and Max Simkoff.
Most recently President of Cerberus Capital Management, L.P. and former COO at JPMorgan Chase & Co, Mr. Zames brings extensive operating experience and will provide knowledgeable insights to Doma in his role as Chairman as it accelerates growth and becomes a publicly traded company via its announced business combination with Capitol Investment Corp. V. Upon consummation of this merger, Capitol’s Founder and CEO Mark Ein will also join the Doma Board.
“This is just the beginning for Doma, and I’m incredibly excited to be taking on this role at a time when the company is not only seeing tremendous growth but has a clear path to meaningfully increase its current market share by 2023,” said Mr. Zames. “In just a few short years, Doma has already disrupted the antiquated real estate closing industry by leveraging proprietary machine learning technology to win the business of several of the country’s largest banks and mortgage originators. This is a great board and an excellent team and I can’t wait to continue the work of fundamentally changing how people buy homes.”
“Our independent Board brings invaluable experience, expertise and insights that will be essential not only to bringing our solution to more households, real estate professionals, title agents and lenders, but also to starting our journey as a public company,” said Max Simkoff, CEO of Doma. “Matt stepping in as Chairman of the Board allows me to be even more laser-focused as CEO on growing the business and our product offerings; I couldn’t be more excited for what is ahead for Doma.”
Even though today’s consumers expect instant digital experiences, closing on residential real estate is far behind, remaining heavily paper-based and reliant on in-person appointments. Historically low interest rates drove record home sales and refinances in 2020, exposing a critical need for Doma’s tech-first approach to real estate transactions. Doma expects its retained premiums and fees to grow at a 43% CAGR over the next few years and is set to capture 5x its current market share by 2023 as part of its standalone plan before investing the up to approximately $500 million of net proceeds anticipated from the announced SPAC merger. To date, Doma has facilitated over 800,000 real estate closings for leading lenders such as Chase, Homepoint, PennyMac, Sierra Pacific Mortgage and many more. Now with the SPAC merger announcement, Doma is positioned to accelerate technology product adoption across all aspects of real estate.
Notes from members of Doma’s current Board:
“I haven’t seen as clear a growth path as I see from my board seat at Doma since I started on Square’s board in 2011,” said former U.S. Treasury Secretary Lawrence H. Summers, who also serves on the board of Square and is an advisor to other high-growth fintech companies. “Digitization will make the mortgage process infinitely better for all involved and Doma plays a crucial role in making that vision a reality. Matt’s vast experience and knowledge only accelerates this company along a very promising path.”
“From my early days at Netscape, I’ve seen firsthand the transformative effect technology can have on large industry sectors. The paper-heavy title and escrow business is ripe for disruption and as current market trends demand digitization, Doma stands poised to lead this change,” said Karen Richardson, who is also a board member of BP and a former board member of Worldpay and BT. “At the board level, we each bring a collective experience on public boards that will be invaluable to Doma as it enters the public markets at such an explosive stage of growth.”
About Doma Holdings
Doma is architecting the future of real estate transactions. The company uses machine intelligence and its proprietary technology solutions to transform residential real estate, creating a vastly more simple, efficient, and affordable real estate closing experience. Doma and its family of brands – States Title, North American Title Company and North American Title Insurance Company – offer solutions for current and prospective homeowners, lenders, title agents, and real estate professionals. Doma’s clients include some of the largest bank and non-bank lenders in the United States. To learn more visit doma.com or statestitle.com.
About Capitol Investment Corp. V
Capitol Investment Corp. V is a $345 million public investment vehicle with the mission to invest in and help build an industry-leading public company that will aim to deliver long-term value to shareholders. Capitol is led by Chairman and Chief Executive Officer, Mark D. Ein, and President and Chief Financial Officer, L. Dyson Dryden. The Capitol team has raised $1.5 billion in five SPACs since 2007 and closed four SPAC mergers. Capitol’s securities are listed on the New York Stock Exchange under the ticker symbols CAP, CAP WS and CAP.U.
Contacts
Media Contact:
Martha Shaughnessy, the Key PR for Doma
press@doma.com
